GBP/JPY Technical Analysis: Retreats farther from over 1-month tops, 100-DMA hurdle

  The cross extended overnight retracement slide from 100-day SMA barrier and traded with a mild negative bias through the early European session on Wednesday.

   •  The mentioned barrier nears the 61.8% Fibonacci retracement level of the 149.31-139.90 downfall and thus, should act as a key trigger for any further up-move. 

   •  Meanwhile, technical indicators on the daily chart have managed to hold in positive territory and should continue to limit any immediate sharp decline, at least for now.

   •  Moreover, some softening in Japanese Yen, following a positive start across European equity markets, further assisted to reverse a dip/pare early losses to sub-145.00 level.

   •  However, in absence of any fresh positive Brexit headline, attempted upside moves are more likely to remained capped below the mentioned barrier amid looming trade rhetoric.

GBP/JPY daily chart

Spot Rate: 145.23
Daily Low: 144.91
Daily High: 145.45
Trend: Neutral

Resistance
R1: 145.45 (current day swing high)
R2: 145.92 (100-day SMA)
R3: 146.17 (R1 daily pivot-point)

Support
S1: 144.90 (50-period SMA H1)
S2: 144.59 (S1 daily pivot-point)
S3: 144.35 (overnight swing low)

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