- 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
-637595700606675875.png)
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
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.
Latest Forex News
Editors’ Picks
EUR/USD advances towards 1.1900 ahead of EZ/ US PMIs
EUR/USD is advancing towards 1.1900 ahead of the Euro area final PMIs. The US dollar eases amid a recovery in the risk sentiment, in anticipation of more stimulus from the US and China. US ISM Manufacturing PMI awaited.
GBP/USD recaptures 1.3900 amid upbeat mood, UK PMI eyed
GBP/USD is recovering ground above 1.3900, as the return of risk appetite dents the US dollar's safe-haven appeal. Optimism on the covid and vaccine front underpins the pound ahead of Thursday's BOE decision. The UK, US Manufacturing PMIs now in focus.
XAU/USD consolidates weekly gains above $1,800 ahead of US ISM PMI
Gold begins NFP week on a back foot amid steady US dollar. Market sentiment dwindles amid stimulus hopes, covid woes, yields drop but stocks futures gain. US ISM PMI can offer immediate direction but US jobs report is the key.
Shiba Inu price stays put despite eToro listing as ShibaSwap TVL gets 75% haircut
Shiba Inu price seems to be suspended in time as it consolidates between two crucial demand barriers. Typically, previous bounces around these levels have resulted in a bullish reaction, but a breakdown could lead to a steep descent.
Week ahead: US NFP, BoE meeting, earnings reports
The June jobs report turned out to be a much better report than expected on the headline number. The 850k jobs added was a decent improvement on the May number of 583k, but it didn’t tell us too much about the overall state of the US labour market in terms of ...