GBP/JPY dips back to low 154.00s, still nursing tentative recovery from earlier weekly lows

GBP/JPY dipped back from earlier highs near 155.00 to the low 154.00s but remains within recent ranges.
The pair is still trading in the green after nursing a recovery from an earlier weekly dip.
There is notable resistance in the 153.00 area and resistance in the 155.50 area.

Joel Frank Independent Analyst

GBP/JPY held within a 154.00-155.00ish range on Friday, as the pair continued to nurse a recovery from its earlier weekly dip to sub-153.00 levels. The pair, which was as much as 0.75% down at the start of the week, now trades with on the week gains of about 0.15% in the 154.20s. A late yen bid on Friday that has propelled the safe-haven currency to the top of the G10 performance table has seen the pair pull back from earlier session highs closer to 155.00, but the pair continues to trade broadly flat on the day and within recent ranges.

Looking ahead to next week, technicians will be keeping an eye on support in the 153.00 area where not only this week’s lows reside, but also the 200-day moving average. If another broad downturn in risk appetite (like what happened last week) sends the pair back lower again, a break below this area would open the door to a test of the key 152.40/50 balance area that has provided both support and resistance since last September. Conversely, to the upside, traders should keep an eye on notable resistance in the 155.50 area. The Bank of England policy announcement on Thursday will be the major economic event of the week.

GBP/Jpy

Overview
Today last price	154.23
Today Daily Change	-0.12
Today Daily Change %	-0.08
Today daily open	154.35

Trends
Daily SMA20	155.8
Daily SMA50	153.44
Daily SMA100	153.43
Daily SMA200	153.11

Levels
Previous Daily High	154.72
Previous Daily Low	153.82
Previous Weekly High	156.91
Previous Weekly Low	153.92
Previous Monthly High	156.02
Previous Monthly Low	148.98
Daily Fibonacci 38.2%	154.38
Daily Fibonacci 61.8%	154.17
Daily Pivot Point S1	153.88
Daily Pivot Point S2	153.4
Daily Pivot Point S3	152.98
Daily Pivot Point R1	154.78
Daily Pivot Point R2	155.2
Daily Pivot Point R3	155.68

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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