GBP/JPY Price Analysis: Bounces off 162.60 support confluence ahead of UK jobs report

GBP/JPY takes the bids to refresh intraday high while snapping three-day downtrend.
Convergence of the 50-DMA, 20-DMA and monthly support line challenge immediate downside.
Bulls need validation from March’s high, UK employment numbers.

Anil Panchal FXStreet

GBP/JPY refreshes intraday high around 164.00 as traders await the UK’s employment data during early Tuesday morning in Europe.

The pair’s latest rebound could be linked to the failures to conquer the 162.60-50 support confluence including the 50-DMA, the 20-DMA and a one-month-old ascending trend line.

Also keeping the GBP/JPY sellers hopeful are the bullish MACD signals, as well as softer US Treasury yields. It’s worth noting that he hopes downbeat UK data limits the cross-currency pair’s recovery moves of late.

GBP/JPY: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	163.66
Today Daily Change	0.56
Today Daily Change %	0.34%
Today daily open	163.1

Trends
Daily SMA20	162.46
Daily SMA50	162.51
Daily SMA100	159.32
Daily SMA200	156.34

Levels
Previous Daily High	166.13
Previous Daily Low	162.25
Previous Weekly High	168.74
Previous Weekly Low	162.91
Previous Monthly High	163.91
Previous Monthly Low	155.6
Daily Fibonacci 38.2%	163.74
Daily Fibonacci 61.8%	164.65
Daily Pivot Point S1	161.52
Daily Pivot Point S2	159.95
Daily Pivot Point S3	157.65
Daily Pivot Point R1	165.4
Daily Pivot Point R2	167.71
Daily Pivot Point R3	169.28

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.