- GBP/JPY strongly bullish, testing recent highs, eyes 155.00.
- Immediate support now stands at 154.35, followed by 153.95.
The pound remains near the highest level in years versus the Japanese yen, as it hovers around 154.70. During the last hour, it lost strength amid a recovery of the yen across the board amid a deterioration in market sentiment.
The rally of GBP/JPY was capped by the 154.80 zone, the last defense to 155.00. The mentioned level is a key barrier and above more gains toward the 155.55/60 region seems likely.
On the flip side, the immediate support might be seen at 154.40 (previous resistance), followed by 153.95 (short-term uptrend). A break under 153.985 would alleviate the bullish pressure, suggesting a test of the support band at 153.45/50.
As long as the pound remains above 145.00/20 (long-term uptrend line) the outlook will remain positive. A monthly close above the long-term resistance area at 155.00 would point to more gains over the medium-term.
GBP/JPY 4-hour chart
|Today last price||154.74|
|Today Daily Change||0.33|
|Today Daily Change %||0.21|
|Today daily open||154.41|
|Previous Daily High||154.47|
|Previous Daily Low||153.74|
|Previous Weekly High||154.44|
|Previous Weekly Low||151.98|
|Previous Monthly High||153.42|
|Previous Monthly Low||149.06|
|Daily Fibonacci 38.2%||154.19|
|Daily Fibonacci 61.8%||154.02|
|Daily Pivot Point S1||153.94|
|Daily Pivot Point S2||153.47|
|Daily Pivot Point S3||153.2|
|Daily Pivot Point R1||154.67|
|Daily Pivot Point R2||154.94|
|Daily Pivot Point R3||155.41|
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.