“¢ The cross extended its retracement slide from 10-month tops, or a short-term ascending trend-channel resistance, and dropped to near two-week lows, albeit managed to find some support ahead of the key 145.00 psychological mark.
“¢ The mentioned handle is followed by a confluence support, comprising of 23.6% Fibo. level of the 131.79-148.58 upsurge and the very important 200-day SMA, and should act as a key pivotal point for the pair’s near-term trajectory.
“¢ A convincing break below the said support, the cross is likely to accelerate the fall further towards another confluence region, marking 100-day SMA and the lower end of the short-term ascending trend-channel formation.
“¢ Alternatively, a sustained move back above the 146.20 region (session tops) will reinforce the immediate confluence support and negate any negative bias, paving the way for the resumption of the prior appreciating move.
GBP/JPY daily chart
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GBP/JPY
Overview:
Today Last Price: 145.34
Today Daily change: -60 pips
Today Daily change %: -0.41%
Today Daily Open: 145.94
Trends:
Daily SMA20: 144.85
Daily SMA50: 142.49
Daily SMA100: 143.46
Daily SMA200: 144.67
Levels:
Previous Daily High: 147.32
Previous Daily Low: 145.78
Previous Weekly High: 148.58
Previous Weekly Low: 144.46
Previous Monthly High: 148.28
Previous Monthly Low: 141.01
Daily Fibonacci 38.2%: 146.37
Daily Fibonacci 61.8%: 146.73
Daily Pivot Point S1: 145.37
Daily Pivot Point S2: 144.81
Daily Pivot Point S3: 143.83
Daily Pivot Point R1: 146.91
Daily Pivot Point R2: 147.89
Daily Pivot Point R3: 148.45
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