GBP/JPY Price Analysis: Bears flirt with key support line around 150.00


  • GBP/JPY picks up bids after refreshing three week low.
  • An ascending trend line from February 26 tests bears.
  • Bulls need to cross 200-SMA for fresh entries.

GBP/JPY prints mild gains while picking up bids near 150.06 ahead of Wednesday’s London open. In doing so, the quote keeps bounce off a seven-week-old support line.

While RSI recovery backs the quote’s corrective pullback from the key trend line support, 200-SMA level of 150.91 becomes a tough nut to crack for the bulls.

However, extended recovery towards 50% Fibonacci retracement level of late-February to early April rise, around 150.40, can’t be ruled out.

Alternatively, a 61.8% Fibonacci retracement level of 149.70 can act as immediate support ahead of highlighting the stated support line, near 149.60, for the GBP/JPY bears.

In a case where GBP/JPY remains depressed below 149.60, March 24 low close to 148.50 will be in the spotlight.

Overall, GBP/JPY remains pressured but the bears need validation.

GBP/JPY four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 150.05
Today Daily Change 0.08
Today Daily Change % 0.05%
Today daily open 149.97
 
Trends
Daily SMA20 151.14
Daily SMA50 149.28
Daily SMA100 144.89
Daily SMA200 141.06
 
Levels
Previous Daily High 150.83
Previous Daily Low 149.68
Previous Weekly High 153.42
Previous Weekly Low 149.59
Previous Monthly High 152.79
Previous Monthly Low 148.12
Daily Fibonacci 38.2% 150.12
Daily Fibonacci 61.8% 150.39
Daily Pivot Point S1 149.48
Daily Pivot Point S2 149
Daily Pivot Point S3 148.33
Daily Pivot Point R1 150.64
Daily Pivot Point R2 151.31
Daily Pivot Point R3 151.8

 

 

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