GBP/JPY Technical Analysis: 143.65/80 becomes the tough nut to crack for buyers

GBP/JPY stays positive around seven months’ high.
200-week SMA, multi-month-old resistance line limit the pair’s upside.
50% of Fibonacci retracement acts as immediate key support.

Anil Panchal FXStreet

GBP/JPY takes the bids to 142.70 during Monday’s Asian session. The pair extends the late Friday's recovery while running towards the recent highs surrounding 143.30.

Even so, 200-week Simple Moving Average (SMA) and a downward sloping trend line since February 2018 could keep buyers in check near 143.65/80. Should bulls clear 143.80, 61.8% Fibonacci retracement level of 2018 peak to June 2019 trough, around 145.15/20, will be their next target.

It’s worth mentioning that pair’s run-up beyond 145.20 enables it to take aim at the year 2019 top near 148.90.

Alternatively, a weekly closing below 50% Fibonacci retracement level of 141.58 can trigger fresh pullback towards 1400.00 and then the late-October bottom close to 138.50.

GBP/JPY weekly chart

Trend: Pullback expected

GBP/JPY

Overview
Today last price	142.67
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	142.67

Trends
Daily SMA20	140.85
Daily SMA50	138.79
Daily SMA100	135.07
Daily SMA200	138.27

Levels
Previous Daily High	143.22
Previous Daily Low	142.36
Previous Weekly High	143.26
Previous Weekly Low	140.83
Previous Monthly High	141.86
Previous Monthly Low	139.32
Daily Fibonacci 38.2%	142.69
Daily Fibonacci 61.8%	142.89
Daily Pivot Point S1	142.28
Daily Pivot Point S2	141.89
Daily Pivot Point S3	141.42
Daily Pivot Point R1	143.14
Daily Pivot Point R2	143.61
Daily Pivot Point R3	144

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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