GBP/JPY Price Analysis: Bears strike 153.00 mark, more downside on the cards


  • GBP/JPY remains muted following the previous session weakness on Wednesday.
  • Bears remain hopeful below the 153.00 mark.
  • Momentum oscillator moves in favor of downside momentum.

GBP/JPY price edges lower in the European trading session. The currency pair remained pressurized after testing the 155.14 level on June 24.

At the time of writing, GBP/JPY is trading at 152.83, down 0.07% 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 made a recovery from the low of 151.32 on June 21 but lacks the strength to hold onto the gains.

A sustained break below 153.00 could intensify the selling pressure toward the monthly lows.

In doing so, GBP/JPY would test the first support at the 152.30 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades at the midline with a negative bias, which signifies the impending lower price movement. Any downtick in the MACD would ignite a fresh round of selling opportunities.

Market participants would then look out for June 18 low at 151.99 followed by the 151.40 horizontal support level.

Alternatively, if price makes a sustained move above the intraday high of  153.21, it could inch toward the 50-day Simple Moving Average (SMA) at 153.62. A daily close above the 50-day SMA  encouraged  GBP/JPY bulls to retest 154.00, the key psychological mark.

Next, GBP/JPY bulls attempt to capture June 25 high at 154.50.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price 152.79
Today Daily Change -0.16
Today Daily Change % -0.10
Today daily open 152.95
 
Trends
Daily SMA20 154.43
Daily SMA50 153.58
Daily SMA100 151.74
Daily SMA200 145.38
 
Levels
Previous Daily High 153.6
Previous Daily Low 152.62
Previous Weekly High 155.16
Previous Weekly Low 151.32
Previous Monthly High 156.08
Previous Monthly Low 150.93
Daily Fibonacci 38.2% 152.99
Daily Fibonacci 61.8% 153.22
Daily Pivot Point S1 152.51
Daily Pivot Point S2 152.07
Daily Pivot Point S3 151.53
Daily Pivot Point R1 153.49
Daily Pivot Point R2 154.03
Daily Pivot Point R3 154.47

 

 

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