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Jan 4, 2019
GBP/JPY Technical Analysis: Sustained move beyond 137.00 handle to prompt aggressive short-covering
• The pair's post-flash crash recovery from 26-month lows has been along a short-term ascending trend-channel formation on intraday charts.
• Technical indicators on the 1-hourly chart have been gaining positive traction and remained supportive of the ongoing positive momentum.
• Moreover, oscillators on the daily chart are yet to recover from oversold territory and support prospects for an extension of the recovery move.
• A sustained move beyond the 137.00 handle would reinforce the constructive set-up and prompt some aggressive short-covering move in the near-term.
• Bulls might then target a move beyond the 138.00 handle, though might face difficulty near the trend-channel resistance, currently near mid-138.00s.
GBP/JPY 30-mins. chart
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GBP/JPY
Overview:
Today Last Price: 137.1
Today Daily change: 1.2e+2 pips
Today Daily change %: 0.913%
Today Daily Open: 135.86
Trends:
Previous Daily SMA20: 140.98
Previous Daily SMA50: 143.73
Previous Daily SMA100: 144.85
Previous Daily SMA200: 146.15
Levels:
Previous Daily High: 137.64
Previous Daily Low: 131.79
Previous Weekly High: 141.04
Previous Weekly Low: 138.86
Previous Monthly High: 145.52
Previous Monthly Low: 138.86
Previous Daily Fibonacci 38.2%: 134.02
Previous Daily Fibonacci 61.8%: 135.4
Previous Daily Pivot Point S1: 132.56
Previous Daily Pivot Point S2: 129.25
Previous Daily Pivot Point S3: 126.71
Previous Daily Pivot Point R1: 138.4
Previous Daily Pivot Point R2: 140.94
Previous Daily Pivot Point R3: 144.25