GBP/JPY – Monthly classic pivot S1 is a tough nut to crack

Despite the bullish tone seen today, the GBP/JPY cross is once again having a tough time chewing through offers around 127.68 (monthly classic pivot S1).

The level has been acting as a strong resistance since Oct 12. The cross did breach the key level a couple of times but failed to secure a daily close above the same.

Today’s uptick in the cross is largely due to strengthening of the offered tone around Yen. Dollar-Yen pair ticked higher to 104.48 levels. Meanwhile, GBP/USD pair has suffered moderate losses to trade around 1.2220 levels.

GBP/JPY Technical Levels

The cross was last seen trading around 127.60 levels. Acceptance above 127.68 (monthly classic pivot S1) preferably on daily closing basis would open doors for a sustained rise to 128.61 (Oct 10 high). A violation there would expose 129.63 (Seo 27 low). On the other hand, a breakdown of support at 127.34 (session low) could yield 126.12 (Oct 21 low) and 124.82 (Ot 11 low).