GBP/JPY Technical Analysis: Any meaningful up-move likely to get sold into
• The cross broke out of its Asian session consolidation phase and was now seen building on overnight goodish rebound from the 141.00 neighbourhood, or 3-1/2 month lows.
• Comments by Irish foreign minister Simon Coveney triggered a bit of short-squeeze in the British Pound and turned out to be one of the key factors driving the cross higher.
• A sustained move above 20-hour SMA triggered some intraday positive momentum, though 61.8% Fibonacci retracement level of the overnight downfall capped further gains.
• Mixed technical indicators on the 1-hourly chart have just started moving out of the negative territory but maintain their bearish bias on 4-hourly/daily charts.
• Hence, any subsequent up-move seems more likely to get sold into as focus shifts to the latest UK employment details and the UK PM May's meeting today with the EU officials.
GBP/JPY 1-hourly chart
Today Last Price: 142.6
Today Daily change: 33 pips
Today Daily change %: 0.232%
Today Daily Open: 142.27
Previous Daily SMA20: 144.81
Previous Daily SMA50: 146.08
Previous Daily SMA100: 145.44
Previous Daily SMA200: 146.82
Previous Daily High: 143.72
Previous Daily Low: 141.18
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%: 142.15
Previous Daily Fibonacci 61.8%: 142.75
Previous Daily Pivot Point S1: 141.06
Previous Daily Pivot Point S2: 139.85
Previous Daily Pivot Point S3: 138.52
Previous Daily Pivot Point R1: 143.59
Previous Daily Pivot Point R2: 144.92
Previous Daily Pivot Point R3: 146.13