GBP/JPY Price Analysis: Bearish impulse eyes 150.00


  • GBP/JPY sellers attack two-month low, nears 78.6% Fibonacci retracement support.
  • Bearish MACD, failures to hold 200-DMA highlight ascending trend line from July.
  • Monthly resistance line, 50% Fibo. add to the upside filters.

GBP/JPY takes offers around 150.55, the lowest levels since October 04, during early Tuesday morning in Europe. In doing so, the cross-currency pair not only reverses the previous day’s corrective pullback but also braces for the biggest monthly fall since September 2020.

That said, the sellers cheer downside break of 200-DMA and 61.8% Fibonacci retracement (Fibo.) of July-October advances amid bearish MACD signals.

Hence, the latest declines are likely to last longer with the 78.6% Fibo. level near 150.50 acting as the immediate support.

Adding to the downside filters is a four-month-long support line near the 150.00 round figure, a break of which will make the quote vulnerable to test September’s low of 148.95.

Alternatively, 61.8% Fibonacci retracement level and 200-DMA, respectively near 152.50 and 153.65, restrict the short-term upside of the pair.

However, GBP/JPY bulls may not take risk of entries until witnessing a clear upside break of a descending resistance line from October 21, around 153.80 by the press time.

GBP/JPY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 150.75
Today Daily Change -0.44
Today Daily Change % -0.29%
Today daily open 151.19
 
Trends
Daily SMA20 153.44
Daily SMA50 153.67
Daily SMA100 152.66
Daily SMA200 152.49
 
Levels
Previous Daily High 151.93
Previous Daily Low 150.7
Previous Weekly High 154.22
Previous Weekly Low 150.72
Previous Monthly High 158.22
Previous Monthly Low 149.23
Daily Fibonacci 38.2% 151.46
Daily Fibonacci 61.8% 151.17
Daily Pivot Point S1 150.62
Daily Pivot Point S2 150.04
Daily Pivot Point S3 149.39
Daily Pivot Point R1 151.85
Daily Pivot Point R2 152.5
Daily Pivot Point R3 153.08

 

 

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