OctaFX | OctaFX Forex Broker
Open trading account
Back

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

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

 

EUR/USD challenges 1.1400 on EMU CPI, now looks to US NFP, Powell

The upside momentum in EUR/USD has eased a tad following the release of flash CPI figures in the euro area, prompting spot to recede to the 1.1400 nei
Read more Previous

US NFP Preview: 6 Major Banks expectations from December payrolls report

After the recent market turmoil, the focus has shifted back to the US December Non-Farm Payrolls data. As we get closer to the payrolls report release
Read more Next
Start livechat