OctaFX | OctaFX Forex Broker
Open trading account
Back

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

GBP/JPY

Overview:
    Today Last Price: 141.45
    Today Daily change: -59 pips
    Today Daily change %: -0.415%
    Today Daily Open: 142.04
Trends:
    Previous Daily SMA20: 143.81
    Previous Daily SMA50: 145.28
    Previous Daily SMA100: 145.19
    Previous Daily SMA200: 146.66
Levels:
    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

 

USD/JPY extends losses toward 11.50 area on dismal US data

After breaking below the 112 mark, the USD/JPY went into a consolidation phase but came under a renewed selling pressure in the early NA session to to
Read more Previous

Wall Street opens modestly lower on Thursday

Following yesterday's sharp fall in the aftermath of FOMC announcements and Chairman Powell's hawkish remarks, major equity indexes in the United Stat
Read more Next
Start livechat