GBP/JPY Technical Analysis: 3-week old descending channel continues to cap ahead of UK jobs data
• The cross continued with its struggle to make it through over three-week-old descending trend-channel as traders now look forward to the UK employment details for some fresh impetus.
• However, the fact that technical indicators on hourly/daily charts have managed to hold in the bullish territory support prospects for an eventual breakthrough the mentioned channel.
• A follow-through move beyond 100-day SMA will further reinforce the constructive outlook and set the stage for a move back towards retesting over two-month tops, around the 145.00 handle.
• The slightest of a positive surprise from the latest UK jobs report might be enough to provide the required momentum, albeit Brexit uncertainties might keep a lid on any runaway rally.
GBP/JPY 4-hourly chart
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GBP/JPY
Overview:
Today Last Price: 142.93
Today Daily change %: -0.03%
Today Daily Open: 142.97
Trends:
Daily SMA20: 142.74
Daily SMA50: 141.28
Daily SMA100: 143.68
Daily SMA200: 144.73
Levels:
Previous Daily High: 143.03
Previous Daily Low: 142.51
Previous Weekly High: 143.34
Previous Weekly Low: 141.01
Previous Monthly High: 144.85
Previous Monthly Low: 131.79
Daily Fibonacci 38.2%: 142.83
Daily Fibonacci 61.8%: 142.71
Daily Pivot Point S1: 142.64
Daily Pivot Point S2: 142.31
Daily Pivot Point S3: 142.12
Daily Pivot Point R1: 143.16
Daily Pivot Point R2: 143.36
Daily Pivot Point R3: 143.69