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14 Aug 2018
GBP/JPY Technical Analysis: bulls looking to springboard off 141.00
- Sterling bulls are managing to etch in small gains for the Guppy, attempting to find a foothold off of a higher low for Monday.
- The GBP is steeply off against the Yen but traders hoping for a bullish correction are remaining hesitant, keeping a bounce half-hearted.
- A 13-month low for the GBP/JPY could see further downside if market sentiment doesn't make a meaningful recovery.
GBP/JPY Chart, 1-Hour
| Spot rate: | 141.25 |
| Relative change: | Negligible |
| High: | 141.38 |
| Low: | 141.07 |
| Trend: | Bearish |
| Support 1: | 141.00 (major technical level) |
| Support 2: | 140.23 (current week low) |
| Support 3: | 139.26 (August 2017 low) |
| Resistance 1: | 141.82 (current week high) |
| Resistance 2: | 143.48 (August 9th swing high) |
| Resistance 3: | 144.72 (previous week high) |