“¢ The cross has been oscillating within a broader trading range over the past 3-1/2 weeks or so, with 200-day SMA acting as an important pivot point.
“¢ The range-play now seems to constitute towards the formation of a rectangular chart pattern, indicating a pause before the next leg of a sharp move in either direction.
“¢ Technical indicators (RSI & MACD) on hourly/daily charts are holding well above their mid-points and thus, increase prospects for a bullish breakthrough the mentioned range.
GBP/JPY daily chart
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GBP/JPY
Overview:
Last Price: 148.98
Daily change: 52 pips
Daily change: 0.350%
Daily Open: 148.46
Trends:
Daily SMA20: 147.87
Daily SMA50: 145.06
Daily SMA100: 145.73
Daily SMA200: 148.16
Levels:
Daily High: 148.76
Daily Low: 147.35
Weekly High: 149.43
Weekly Low: 147.2
Monthly High: 149.72
Monthly Low: 143.07
Daily Fibonacci 38.2%: 148.22
Daily Fibonacci 61.8%: 147.89
Daily Pivot Point S1: 147.62
Daily Pivot Point S2: 146.78
Daily Pivot Point S3: 146.22
Daily Pivot Point R1: 149.03
Daily Pivot Point R2: 149.6
Daily Pivot Point R3: 150.44
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