• GBP/JPY consolidates gains in the initial Asian session.
  • Bears remain hopeful below the 153.65 level.
  • Momentum oscillator moves in favor of downside momentum.

The GBP/JPY price edges higher on the last trading day of the week. The cross managed to close above the  153.60 mark after it tested a low of 153.14 in the previous session.

At the time of writing, GBP/JPY trades at 153.64, up 0.13% for the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY cross has been in the continuous downside momentum since the beginning of the month. The pair remained under selling pressure after making a YTD high of 156.07 on May 27.

Now, if price sustains below the previous day closing at 153.63, then it could strengthen the possibility that the prevailing trend will continue to dominate the price action.

In doing so, GBP/JPY would test the first support near the 61.8% Fibonacci retracement, which extends from the low of 150.87 at 153.01.

The receding Moving Average Convergence Divergence (MACD) indicator signifies the impending lower price movement. Any downtick in MACD would ignite a fresh round of selling opportunities.

Market participants would then look out for the 152.40 horizontal support level followed by the May 10 low at 151.98

Alternatively, if price makes a sustained move above the intraday high at 153.68, then it could inch toward the 38.2% Fibonacci retracement at 154.17. The cross would then be encouraged to recoup the previous session’s high at 155.01.

Next, the bulls would attempt to capture the June 15 high of 155.48.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price 153.66
Today Daily Change -1.23
Today Daily Change % -0.79
Today daily open 154.89
 
Trends
Daily SMA20 154.93
Daily SMA50 152.98
Daily SMA100 150.86
Daily SMA200 144.56
 
Levels
Previous Daily High 155.38
Previous Daily Low 154.68
Previous Weekly High 155.32
Previous Weekly Low 154.13
Previous Monthly High 156.08
Previous Monthly Low 150.93
Daily Fibonacci 38.2% 154.94
Daily Fibonacci 61.8% 155.11
Daily Pivot Point S1 154.58
Daily Pivot Point S2 154.28
Daily Pivot Point S3 153.88
Daily Pivot Point R1 155.29
Daily Pivot Point R2 155.69
Daily Pivot Point R3 155.99

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD jumps above 0.6900 as Aussie Retail Sales surprise positively

AUD/USD jumps above 0.6900 as Aussie Retail Sales surprise positively

AUD/USD is picking up fresh bids, jumping back above 0.6900, as the Australian Retail Sales surprise to the upside with 0.9% in May. The US dollar eases alongside yields amid persisting risk-off mood. Powell eyed. 

AUD/USD News

EUR/USD: A downside break of an ascending triangle looks imminent at 1.0500

EUR/USD: A downside break of an ascending triangle looks imminent at 1.0500

The EUR/USD pair is juggling in a minor range of 1.0518-1.0531 in the early Tokyo session. The confluence of the Ascending Triangle formation and Inverted Flag has strengthened the greenback bulls.

EUR/USD News

Gold eyes further downside towards $1,800, Fed Chair Powell in focus

Gold eyes further downside towards $1,800, Fed Chair Powell in focus

Gold Price remains on the back foot around $1,820, despite the recent bounce off intraday low. In doing so, the yellow metal prints a three-day downtrend as traders await the week’s key data/events amid a sluggish Asian session on Wednesday.

Gold News

Compound price: You won't believe how high COMP can rally

Compound price: You won't believe how high COMP can rally

Compound's COMP price could be a very favorable digital asset in the coming weeks. This article is meant to inform investors of data excluded on Tradingview's Binance, Coinbase and Kucoin exchanges for reasons that have yet to be explained. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures