GBP/JPY Price Analysis: Bulls approach key EMAs during seven-day rise

GBP/JPY takes the bids near three week high above 136.50.
100-day and 200-day EMA probe the pair’s sustained break of 61.8% Fibonacci retracement.
RSI recovery from oversold conditions suggests further upside.

Anil Panchal FXStreet

GBP/JPY refreshes the multiday high while rising to 136.56 during the early Thursday. In doing so, the pair keeps the previous day’s run-up beyond 61.8% Fibonacci retracement of June-September upside while confronting the 100-day EMA.

Although recovery in RSI indicates the pair’s ability to cross the immediate EMA resistance near 136.60, the 200-day EMA level near 136.75 can question the quote’s further advances.

Should GBP/JPY bulls keep the reins past-136.75, a 50% Fibonacci retracement level of 137.22 will appear on the market player’s radar.

Meanwhile, sellers targeting the September month’s low of 133.04 will take entries once the GBP/JPY prices decline below 61.8% Fibonacci retracement level of 135.93.

During declines between 135.93 and 133.04, 135.0 and 134.30 are likely stops that the bears may avail.

GBP/JPY daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	136.48
Today Daily Change	0.18
Today Daily Change %	0.13%
Today daily open	136.3

Trends
Daily SMA20	136.34
Daily SMA50	137.82
Daily SMA100	135.94
Daily SMA200	136.83

Levels
Previous Daily High	136.55
Previous Daily Low	135.18
Previous Weekly High	135.34
Previous Weekly Low	133.05
Previous Monthly High	142.72
Previous Monthly Low	133.05
Daily Fibonacci 38.2%	136.03
Daily Fibonacci 61.8%	135.7
Daily Pivot Point S1	135.47
Daily Pivot Point S2	134.64
Daily Pivot Point S3	134.1
Daily Pivot Point R1	136.84
Daily Pivot Point R2	137.38
Daily Pivot Point R3	138.2

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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