GBP/JPY Technical Analysis: Stuck in a range near the top end of a descending trend-channel

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   •  The cross extended its sideways consolidative trading action and remained confined within a broader trading range near the top end of a short-term descending trend-channel.

   •  The channel, extending from near two-month tops set on Jan. 25, points to a well-established bearish trend, though fading safe-haven demand helped limit immediate downside. 

   •  Meanwhile, the range-bound price action constituted towards the formation of a rectangular chart pattern on the 1-hourly chart, usually seen as a continuation pattern.

   •  Neutral technical indicators on hourly/daily charts have failed to provide any directional impetus and warrant some caution before placing any aggressive bets. 

   •  Hence, it would be prudent to wait for a decisive break through the mentioned trading range in order to determine/position for the pair’s next leg of a meaningful direction move. 

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Today Last Price: 142.08
    Today Daily change %: 0.06%
    Today Daily Open: 141.99
Trends:
    Daily SMA20: 142.4
    Daily SMA50: 141.4
    Daily SMA100: 143.99
    Daily SMA200: 144.88
Levels:
    Previous Daily High: 142.56
    Previous Daily Low: 141.86
    Previous Weekly High: 144.18
    Previous Weekly Low: 141.12
    Previous Monthly High: 144.85
    Previous Monthly Low: 131.79
    Daily Fibonacci 38.2%: 142.29
    Daily Fibonacci 61.8%: 142.13
    Daily Pivot Point S1: 141.72
    Daily Pivot Point S2: 141.44
    Daily Pivot Point S3: 141.01
    Daily Pivot Point R1: 142.42
    Daily Pivot Point R2: 142.84
    Daily Pivot Point R3: 143.12

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