“¢ The cross finally broke out of its four-day-old consolidative trading range and jumped to the 143.00 neighbourhood, or over one-week tops in the last hour.
“¢ The up-move also confirmed a bullish break through a descending trend-channel, held over the past 2-1/2 weeks or so, and paves the way for additional gains.
GBP/JPY 1-hourly chart
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“¢ Looking at the broader picture, the descending trend-channel also constituted towards the formation of a bullish continuation flag chart pattern on the daily chart.
“¢ Bullish oscillators on 4-hourly/daily charts add credence to the near-term constructive set-up, albeit overbought conditions on the 1-hourly chart capped gains.
Daily chart
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“¢ Traders now look to the release of latest UK consumer inflation figures before positioning for an extension of the pair’s recent up-move from over 2-week lows.
GBP/JPY
Overview:
Today Last Price: 142.91
Today Daily change %: 0.32%
Today Daily Open: 142.46
Trends:
Daily SMA20: 142.52
Daily SMA50: 141.38
Daily SMA100: 143.92
Daily SMA200: 144.85
Levels:
Previous Daily High: 142.64
Previous Daily Low: 141.72
Previous Weekly High: 144.18
Previous Weekly Low: 141.12
Previous Monthly High: 144.85
Previous Monthly Low: 131.79
Daily Fibonacci 38.2%: 142.29
Daily Fibonacci 61.8%: 142.07
Daily Pivot Point S1: 141.91
Daily Pivot Point S2: 141.35
Daily Pivot Point S3: 140.99
Daily Pivot Point R1: 142.83
Daily Pivot Point R2: 143.2
Daily Pivot Point R3: 143.75
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