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.

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