GBP/JPY Price Analysis: Breaks weekly support on the way to 165.00

GBP/JPY takes offers to refresh intraday low, extending pullback from 100-HMA.
Impending bear cross on MACD adds strength to the downside bias targeting 200-HMA.
Overall trend remains bullish until the quote drops below 160.00.

Anil Panchal FXStreet

GBP/JPY breaks one-week-old support as it refreshes an intraday low around 165.25 during Monday’s Asian session.

In doing so, the cross-currency pair extends pullback from the 100-HMA amid a looming bearish signal from the MACD.

With this, the quote aims to retest the 200-HMA surrounding 165.00 before challenging the 164.50 horizontal support area.

Following that, the 61.8% Fibonacci retracement level of June 16-21, near 163.00, will precede the 161.00 round figure before directing GBP/JPY bears towards the monthly bottom surrounding 160.00.

On the contrary, a clear upside break of the 100-HMA, at 166.20 by the press time, could recall short-term buyers.

However, multiple hurdles near 167.50 appear to test the bulls ahead of offering them the monthly high of 168.73.

Overall, a clear downside break of the short-term support suggests that the GBP/JPY prices are likely to decline further. However, the bears have limited room to cheer and may remain cautious unless witnessing a daily closing below 160.00.

GBP/JPY: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	165.2
Today Daily Change	-0.80
Today Daily Change %	-0.48%
Today daily open	166

Trends
Daily SMA20	164.78
Daily SMA50	162.86
Daily SMA100	160.23
Daily SMA200	156.94

Levels
Previous Daily High	166.31
Previous Daily Low	164.81
Previous Weekly High	167.86
Previous Weekly Low	164.48
Previous Monthly High	163.91
Previous Monthly Low	155.6
Daily Fibonacci 38.2%	165.74
Daily Fibonacci 61.8%	165.39
Daily Pivot Point S1	165.1
Daily Pivot Point S2	164.21
Daily Pivot Point S3	163.6
Daily Pivot Point R1	166.6
Daily Pivot Point R2	167.21
Daily Pivot Point R3	168.1

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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