OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/JPY Technical Analysis: Bullish spinning top on D1, break of 21-day SMA favor buyers

  • GBP/JPY holds onto recovery gains for the third day in a row.
  • Prices above 21-day SMA, bullish candlestick formation highlight 50% Fibonacci retracement as nearby resistance.
  • 61.8% Fibonacci retracement level adds to the support.

GBP/JPY takes the bids to 143.15 during Friday’s Asian session. In doing so, the pair keeps its latest break beyond 21-day SMA while trading around the one-week top. Also supporting the buyers is the bullish spinning top candlestick formation on the daily (D1) chart.

Hence, the quote is likely to extend its recovery towards 50% Fibonacci retracement of late-November bottoms to December month top, around 143.65.

During the pair’s further upside, 144.35/40 and 23.6% Fibonacci retracement level of 145.90 can entertain the Bulls.

On the contrary, 61.8% Fibonacci retracement of 142.60 can offer additional support, below a 21-day SMA level of 143.00.

Should sellers manage to smash 142.60, the weekly low near 140.84 and a seven-week-old rising trend line, at 140.67 now, will hold the key to 140.00 round-figure.

GBP/JPY daily chart

Trend: Bullish

 

Japan JP Foreign Reserves rose from previous $1317.3B to $1323.8B in December

Japan JP Foreign Reserves rose from previous $1317.3B to $1323.8B in December
Read more Previous

Ireland Consumer Confidence up to 81.4 in December from previous 77.1

Ireland Consumer Confidence up to 81.4 in December from previous 77.1
Read more Next
Start livechat