GBP/JPY Price Analysis: Bounces off one-week low but 155.20-15 stays in focus

GBP/JPY picks up bids to pare intraday losses around one-week low.
Bearish MACD, failures to cross 157.70-75 hurdle keep sellers hopeful.
Convergence of 50-DMA, 11-week-old support line offers strong support.

Anil Panchal FXStreet

GBP/JPY consolidates intraday gains around the weekly low, down 0.08% on a day near 156.00 during Tuesday’s Asian session.

The cross-currency pair refreshed a one-week low before reversing from 155.51.

Even so, MACD teases bears with the first downside signal in over two weeks. Also favoring sellers is the pair’s inability to cross the 157.70-75 area comprising multiple tops marked since January 05, 2022.

However, a confluence of the 50-DMA and an ascending support line from December 03, 2021, around 155.20-15, offers a tough nut to crack for the bears.

Following that, the 200-DMA level of 153.45 and January’s low of 152.90 will lure GBP/JPY bears.

Meanwhile, the corrective pullback may initially aim for the 157.00 threshold before challenging the 157.70-75 key resistance zone.

In a case where GBP/JPY prices provide a daily close beyond 157.75, October 2021 high near 158.25 will act as a validation point for the rally targeting above 160.00 region.

GBP/JPY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	155.99
Today Daily Change	-0.17
Today Daily Change %	-0.11%
Today daily open	156.16

Trends
Daily SMA20	155.76
Daily SMA50	155.05
Daily SMA100	154.31
Daily SMA200	153.44

Levels
Previous Daily High	156.75
Previous Daily Low	156.03
Previous Weekly High	157.29
Previous Weekly Low	155.31
Previous Monthly High	157.77
Previous Monthly Low	152.91
Daily Fibonacci 38.2%	156.3
Daily Fibonacci 61.8%	156.47
Daily Pivot Point S1	155.88
Daily Pivot Point S2	155.59
Daily Pivot Point S3	155.15
Daily Pivot Point R1	156.6
Daily Pivot Point R2	157.04
Daily Pivot Point R3	157.32

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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