Last week, the GBPJPY started correcting from 61.8% Fibonacci retracement level of the 149.31-139.90 downfall and has been trending lower along a descending channel on the 1-hourly chart. What more does the chart suggest? Take a look at this 3 September GBPJPY Technical Outlook.
3 September, OctaFX – Against the backdrop of reviving safe-haven demand, the EU chief negotiator Michel Barnier’s Brexit comments over the weekend kept exerting downward pressure for the third consecutive session on Monday.
GBPJPY Technical Outlook
The cross is now sustaining its fall below 38.2% Fibonacci retracement level and 200-hour SMA, while technical indicators on the mentioned chart are also holding deep in the bearish territory.
The set-up now seems to suggest that bears are likely to maintain their dominant position and any attempted rebound, led by today’s UK manufacturing PMI, is likely to get sold into.
GBPJPY 1-hourly chart
Spot Rate: 143.25
Daily High: 143.72
Daily Low: 143.15
R1: 143.72 (current day swing high)
R2: 144.00 (round figure mark)
R3: 144.58 (R1 daily pivot-point)
S1: 143.00 (round figure mark)
S2: 142.78 (descending trend-channel support)
S3: 142.16 (S3 daily pivot-point)
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