GBP/JPY technical analysis: Defends ascending trend-line/100-hour SMA confluence support, at least for now

Meanwhile, technical indicators on hourly charts have already started losing positive momentum and maintained their bearish bias on the daily chart, s  |  12/06/2019 09:25
  • The GBP/JPY cross stalled its intraday slide and managed to find decent support near a short-term ascending trend-line, extending from monthly lows set on June 4.
  • The mentioned support coincides with 100-hour SMA and should now act as a key pivotal point for short-term traders amid absent relevant market-moving UK data.

Meanwhile, technical indicators on hourly charts have already started losing positive momentum and maintained their bearish bias on the daily chart, support prospects for a fresh near-term bearish breakdown.

A convincing breakthrough now seems to accelerate the downfall towards mid-137.00s before the cross eventually slides below the 137.00 round figure mark towards retesting multi-month lows, around the 136.60 region.

On the flip side, the 138.25-30 region now seems to have emerged as an immediate strong resistance, which if cleared decisively might negate the negative outlook and prompt some short-covering move towards the 139.00 handle.

GBP/JPY 1-hourly chart

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com