GBP/JPY Price Analysis: 100-DMA challenges further upside around 152.50


  • GBP/JPY edges higher near two-week top, after four-day uptrend.
  • Bullish MACD, sustained break of 152.20-30 hurdle-turned-support favor buyers.
  • 61.8% Fibonacci retracement lures bulls, bears can eye June’s bottom below 152.00.

GBP/JPY bulls take a breather around 152.55 as the key moving average (100-DMA) probes short-term up-moves during the early Asian session on Tuesday.

Even so, the cross-currency pair’s ability to stay beyond a confluence of 21-DMA, one-month-old falling trend line and 50% Fibonacci retracement of May–July downtrend, amid bullish MACD, keeps buyers hopeful.

Hence, a clear break of 152.60 becomes necessary to witness further GBP/JPY buying towards a 61.8% Fibonacci retracement level of 153.16. However, the mid-month top and the monthly high, respectively around 153.50 and 154.10, will question the pair’s further rise.

It’s worth noting that a downward sloping trend line from late May, around 154.00, will also be the key hurdle for GBP/JPY bulls.

Alternatively, a daily closing below 152.30-20 support confluence may recall the 152.00 threshold to the chart.

Though, GBP/JPY bears will remain cautious ahead of witnessing a daily closing below the previous month’s low near 150.65.

Overall, GBP/JPY is up for recovering monthly losses but short-term advances seem to need a trigger.

GBP/JPY: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 152.54
Today Daily Change 0.60
Today Daily Change % 0.39%
Today daily open 151.94
 
Trends
Daily SMA20 152.34
Daily SMA50 153.7
Daily SMA100 152.54
Daily SMA200 146.83
 
Levels
Previous Daily High 152.16
Previous Daily Low 151.47
Previous Weekly High 152.16
Previous Weekly Low 148.46
Previous Monthly High 155.94
Previous Monthly Low 151.32
Daily Fibonacci 38.2% 151.9
Daily Fibonacci 61.8% 151.73
Daily Pivot Point S1 151.55
Daily Pivot Point S2 151.16
Daily Pivot Point S3 150.86
Daily Pivot Point R1 152.25
Daily Pivot Point R2 152.55
Daily Pivot Point R3 152.94

 

 

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