GBP/JPY Price Analysis: Extends pullback from weekly resistance line towards 100-HMA

GBP/JPY fails to repeat Monday’s upbeat performance while easing from the short-term resistance line.
100-HMA, Friday’s low off halts before directing bears to the monthly low.

Anil Panchal FXStreet

GBP/JPY drops to 136.56, down 0.05% intraday, during the pre-UK open trading on Tuesday. The pair surged to the highest in four days on Monday but failed to cross a downward sloping trend line from October 11.

The resultant moves tried bouncing off 100-HMA but failed to rise past-136.77, which in turn directs the quote towards revisiting the HMA level of 136.43.

With the normal RSI conditions favoring the bears, the quote is likely to remain pressured below 136.43 while directing the GBP/JPY sellers towards the 136.00 threshold.

Though, any more weakness below 136.00 will be tamed by a two-day bottom surrounding 135.40, a break of which will challenge the monthly low of 135.05.

Meanwhile, an upside clearance of the mentioned resistance line, at 137.20 now, will help the GBP/JPY bulls to aim for the monthly high near 137.85 before attacking the 138.00 round-figure.

GBP/JPY hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	136.59
Today Daily Change	-0.06
Today Daily Change %	-0.04%
Today daily open	136.65

Trends
Daily SMA20	136.08
Daily SMA50	137.64
Daily SMA100	136.58
Daily SMA200	136.43

Levels
Previous Daily High	137.26
Previous Daily Low	135.93
Previous Weekly High	137.86
Previous Weekly Low	135.4
Previous Monthly High	142.72
Previous Monthly Low	133.05
Daily Fibonacci 38.2%	136.75
Daily Fibonacci 61.8%	136.44
Daily Pivot Point S1	135.97
Daily Pivot Point S2	135.29
Daily Pivot Point S3	134.65
Daily Pivot Point R1	137.29
Daily Pivot Point R2	137.93
Daily Pivot Point R3	138.61

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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