GBP/JPY Price Analysis: Faces rejection near two-month old descending trend-line


The GBP/JPY cross failed to capitalize on the previous session's goodish intraday positive move and witnessed a modest pullback during the early European session on Thursday.

The cross now seems to have faced rejection near a resistance marked by a near two-month-old descending trend-line, which should now act as a key pivotal point for traders.

Meanwhile, oscillators on the daily chart are yet to gain any meaningful positive traction and warrant some caution before positioning for any further near-term appreciating move.

Looking at a slightly bigger picture, the descending trend-line, along with the 140.85 horizontal support seemed to constitute towards the formation of a bearish descending triangle.

Hence, it will be prudent to wait for a sustained break through the mentioned descending trend-line, above which the cross is likely to aim towards reclaiming the 144.00 round-figure.

On the flip side, the cross now seems to find immediate support near the 142.70 region, which if broken might accelerate the slide towards the overnight swing lows, around the 142.15-10 area.

GBP/JPY daily chart


Today last price143.06
Today Daily Change-0.19
Today Daily Change %-0.13
Today daily open143.25


Daily SMA20142.63
Daily SMA50142.9
Daily SMA100140.75
Daily SMA200137.58


Previous Daily High143.48
Previous Daily Low142.15
Previous Weekly High143.38
Previous Weekly Low140.93
Previous Monthly High144.61
Previous Monthly Low140.83
Daily Fibonacci 38.2%142.97
Daily Fibonacci 61.8%142.66
Daily Pivot Point S1142.44
Daily Pivot Point S2141.62
Daily Pivot Point S3141.1
Daily Pivot Point R1143.77
Daily Pivot Point R2144.29
Daily Pivot Point R3145.11