GBP/JPY Technical Analysis: Range bound inside a monthly symmetrical triangle

GBP/JPY bounces off the short-term triangle support.
An upside break of the formation can recall October highs while 137.50 could lure sellers below pattern’s support.

Anil Panchal FXStreet

Following its one-month-old trading formation, GBP/JPY recovers to 139.80 by the press time of Friday’s Asian session.

The symmetrical triangle formation keeps prices under check between 139.50/45 and 140.35.

Pair’s recent pullback could push the quote towards pattern’s resistance, at 140.35 now, a break of which is likely a trigger for the fresh run-up to October high of 141.51. However, late-May high near 141.75 could question the pair’s further rise.

On the downside break of 139.45, October 16 low near 137.50 and 137.00 could stop sellers from targeting the September month top nearing 135.75.

GBP/JPY 4-hour chart

Trend: Sideways

additional important levels

Overview
Today last price	139.77
Today Daily Change	12 pips
Today Daily Change %	0.09%
Today daily open	139.65

Trends
Daily SMA20	140.04
Daily SMA50	136.41
Daily SMA100	134.19
Daily SMA200	138.53

Levels
Previous Daily High	139.89
Previous Daily Low	139.4
Previous Weekly High	140.76
Previous Weekly Low	139.41
Previous Monthly High	141.51
Previous Monthly Low	130.42
Daily Fibonacci 38.2%	139.59
Daily Fibonacci 61.8%	139.7
Daily Pivot Point S1	139.41
Daily Pivot Point S2	139.16
Daily Pivot Point S3	138.92
Daily Pivot Point R1	139.9
Daily Pivot Point R2	140.14
Daily Pivot Point R3	140.39

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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