GBP/JPY Price Analysis: 100-day EMA challenges bounce off 10-week low


  • GBP/JPY picks up bids to refresh intraday high in a corrective pullback from multi-day low.
  • RSI conditions suggest further advances but previous support from late February adds to the upside filters.

GBP/JPY consolidates the heaviest losses in two weeks around 151.40, following a U-turn from late April lows, amid the initial Asian session trading on Friday.

In doing so, the cross-currency pair takes clues from nearly oversold RSI conditions to bounce off multi-day low, flashed the previous day. Also favoring the bears is the sustained trading below an ascending support line, now resistance, from February 26.

However, 100-day EMA restricts immediate upside around 151.40, not to forget the previous support line surrounding the 152.00 threshold.

Even if the GBP/JPY prices manage to rise past 152.00, June 29 low around 152.60 and a 12-day-long resistance line near 153.70 will challenge the bulls.

Meanwhile, bears will wait for a fresh multi-day low under 150.67 to aim for the 150.00 psychological magnet.

Should the GBP/JPY sellers manage to conquer the 150.00 support, lows marked in April and March, respectively around 149.00 and 148.50 could entertain them ahead of the 200-day EMA level close to 147.70.

GBP/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 151.41
Today Daily Change -1.38
Today Daily Change % -0.90%
Today daily open 152.79
 
Trends
Daily SMA20 153.89
Daily SMA50 153.92
Daily SMA100 152.19
Daily SMA200 145.93
 
Levels
Previous Daily High 153.17
Previous Daily Low 152.29
Previous Weekly High 154.23
Previous Weekly Low 152.62
Previous Monthly High 155.94
Previous Monthly Low 151.32
Daily Fibonacci 38.2% 152.84
Daily Fibonacci 61.8% 152.63
Daily Pivot Point S1 152.33
Daily Pivot Point S2 151.87
Daily Pivot Point S3 151.46
Daily Pivot Point R1 153.21
Daily Pivot Point R2 153.63
Daily Pivot Point R3 154.09

 

 

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