GBP/JPY Technical Analysis: Confirms a bearish breakthrough near 4-week old trading range
• The cross gapped lower at the start of a new trading week and now seems to have confirmed a bearish breakthrough a near four-week-old trading range.
• Given the pair's inability to sustain above the very important 200-day SMA, the breakdown now indicates a near-term top formation around the 149.40-50 region.
• Meanwhile, technical indicators on the daily chart have also started losing positive momentum and thus, increase prospects for an extension of the bearish trajectory.
GBP/JPY daily chart
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GBP/JPY
Overview:
Last Price: 146.73
Daily change: -88 pips
Daily change: -0.596%
Daily Open: 147.61
Trends:
Daily SMA20: 148.17
Daily SMA50: 145.21
Daily SMA100: 145.78
Daily SMA200: 148.1
Levels:
Daily High: 149.01
Daily Low: 147.17
Weekly High: 149.52
Weekly Low: 147.17
Monthly High: 149.72
Monthly Low: 146.32
Daily Fibonacci 38.2%: 147.87
Daily Fibonacci 61.8%: 148.31
Daily Pivot Point S1: 146.84
Daily Pivot Point S2: 146.08
Daily Pivot Point S3: 145
Daily Pivot Point R1: 148.69
Daily Pivot Point R2: 149.78
Daily Pivot Point R3: 150.54