GBP/JPY Price Analysis: Off session top, struggles between the key EMAs
|- GBP/JPY remains capped a range despite the recent pullback.
- MACD teasing bulls, sustained trading above 61.8% Fibonacci retracement keep buyers hopeful.
- 50% Fibonacci retracement adds to the supports.
GBP/JPY pulls back from the session tops near 134.10 to 133.75 just as Tokyo opens for Friday’s trading.
The pair stays between 200 and 100-bar EMAs so far during the week while it's sustained trading beyond 61.8% Fibonacci retracement of March month’s drop and MACD conditions seem to favor the buyers.
Even so, a sustained break of 200-bar EMA level of 134.80 becomes necessary for the bulls to aim for March 10 high surrounding 137.20.
On the downside, 61.8% Fibonacci retracement level of 133.10 and 100-bar EMA close to 132.85 could keep the sellers in check, if any.
In a case where the quote slips below 132.85, 50% Fibonacci retracement near 131.40 and 130.60/50 can entertain the bears.
GBP/JPY four-hour chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.