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GBP/JPY Technical Analysis: Triangle breakdown favors the bears

The GBP/JPY pair is on the defensive, having dived out of a symmetrical triangle pattern earlier today and a key rising trendline last week.

4-hour chart

  • The triangle breakdown seen in the 4-hour chart indicates the sell-off from the recent lower high of 145.81 (Nov. 29 high) has resumed. More importantly, the pattern adds credence to the stacking order of the key moving averages - 50 below 100, below 200 - which indicates the path of least resistance is to the downside.

Daily chart

  • Over on the daily chart, the pair took out the trendline connecting from the Aug. 15 and Oct. 26 lows last Tuesday.  Notably, the pair closed well below 114.02 (Nov. 20 low) last Tuesday, establishing the bearish lower-high and lower-low pattern.
  • The 5- and 10-day MAs are trending south, indicating a bearish setup. Further, the 14-day relative strength index (RSI) of 39.00 is also biased bearish.
  • So, the spot looks set to test the lower Bollinger band, currently located at 142.59.  

Trend: Bearish

GBP/JPY

Overview:
    Today Last Price: 143.26
    Today Daily change: -26 pips
    Today Daily change %: -0.181%
    Today Daily Open: 143.52
Trends:
    Previous Daily SMA20: 145.01
    Previous Daily SMA50: 146.21
    Previous Daily SMA100: 145.47
    Previous Daily SMA200: 146.84
Levels:
    Previous Daily High: 144.23
    Previous Daily Low: 143.23
    Previous Weekly High: 145.52
    Previous Weekly Low: 142.84
    Previous Monthly High: 149.5
    Previous Monthly Low: 144.02
    Previous Daily Fibonacci 38.2%: 143.61
    Previous Daily Fibonacci 61.8%: 143.85
    Previous Daily Pivot Point S1: 143.09
    Previous Daily Pivot Point S2: 142.66
    Previous Daily Pivot Point S3: 142.09
    Previous Daily Pivot Point R1: 144.09
    Previous Daily Pivot Point R2: 144.66
    Previous Daily Pivot Point R3: 145.09

 

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