GBP/JPY gains traction, bearish cross between the 100 and 20-day SMA looms

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  • GBP/JPY advanced near 182.50, up by 0.44%.
  • The 100 and 20-day SMA are converging towards 181.50.
  • Indicators on the daily chart suggest that bullish momentum is still weak.

In Tuesday's session, the GBP/JPY gained ground and jumped to 182.50, but the daily chart's bullish momentum appears weak.

In line with that, the GBP/JPY has a neutral to bearish technical stance, with the bears gradually recovering and asserting themselves. Despite the Relative Strength Index (RSI) maintaining a positive slope above its midline, bulls appear not to have the necessary momentum to continue climbing. In addition, the Moving Average Convergence (MACD) exhibits stagnant green bars. To add to that, the 20 and 100-day Simple Moving Average are converging towards the 181.50 area, and in case of completing the cross, the bears could gather momentum, usually typical when a short-term crosses below a longer-term moving average.

In that sense, support levels line up at the 181.50 area, followed by the 181.00 and 180.00 area. On the other hand, resistances are seen at 183.00, 183.50 and 184.00.

GBP/JPY Daily chart

GBP/JPY

Overview
Today last price 182.55
Today Daily Change 0.81
Today Daily Change % 0.45
Today daily open 181.74
 
Trends
Daily SMA20 182.14
Daily SMA50 183.34
Daily SMA100 181.27
Daily SMA200 172.39
 
Levels
Previous Daily High 182.76
Previous Daily Low 181.26
Previous Weekly High 182.98
Previous Weekly Low 178.08
Previous Monthly High 185.78
Previous Monthly Low 180.82
Daily Fibonacci 38.2% 181.83
Daily Fibonacci 61.8% 182.18
Daily Pivot Point S1 181.08
Daily Pivot Point S2 180.42
Daily Pivot Point S3 179.58
Daily Pivot Point R1 182.58
Daily Pivot Point R2 183.41
Daily Pivot Point R3 184.07

 

 

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