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15 Aug 2018
GBP/JPY Technical Analysis: pullback from 12-month low losing steam
- The Sterling is bouncing against the safe-haven Yen this week as market fears over Turkey contagion continue to subside.
- Trade war angst and Brexit concerns continue to hang close at hand, and risk-on momentum remains limited.
- A 12-month low has been etched into the Guppy, and buyers are limited as technical indicators middle within a lackluster bullish correction.
GBP/JPY Chart, 15-Minute
| Spot rate: | 141.46 |
| Relative change: | 0.16% |
| High: | 141.49 |
| Low: | 141.22 |
| Trend: | Bearish |
| Support 1: | 141.00 (previous day low) |
| Support 2: | 140.23 (current week low) |
| Support 3: | 140.00 (major technical barrier) |
| Resistance 1: | 142.45 (current week high) |
| Resistance 2: | 144.50 (518.% Fibo retracement level) |
| Resistance 3: | 147.13 (two-week high) |