GBP/JPY Technical Analysis: Bearish breakdown to sub-141.00 level looks imminent
• The cross remained under some selling pressure for the fifth consecutive session and has now dropped back closer to near 4-month lows set last week.
• Barring a knee-jerk spike earlier this week, the recent downfall over the past four sessions has been along a descending channel on the 1-hourly chart.
• Technical indicators have been gaining negative momentum and are still far from being in the oversold zone, supporting prospects for more downside.
• Moreover, the fact that the cross remains well below important intraday moving averages - 50, 100 & 200-hour SMA, add credence to the bearish outlook.
• A convincing breakthrough the trend-channel support now seems to pave the way for an extension of the downward trajectory towards sub-141.00 level.
GBP/JPY 1-hourly chart
Today Last Price: 141.45
Today Daily change: -59 pips
Today Daily change %: -0.415%
Today Daily Open: 142.04
Previous Daily SMA20: 143.81
Previous Daily SMA50: 145.28
Previous Daily SMA100: 145.19
Previous Daily SMA200: 146.66
Previous Daily High: 142.54
Previous Daily Low: 141.58
Previous Weekly High: 143.94
Previous Weekly Low: 141.18
Previous Monthly High: 149.5
Previous Monthly Low: 144.02
Previous Daily Fibonacci 38.2%: 141.95
Previous Daily Fibonacci 61.8%: 142.17
Previous Daily Pivot Point S1: 141.57
Previous Daily Pivot Point S2: 141.09
Previous Daily Pivot Point S3: 140.61
Previous Daily Pivot Point R1: 142.53
Previous Daily Pivot Point R2: 143.02
Previous Daily Pivot Point R3: 143.49