• GBP/JPY stays firmer around two-week top amid bullish MACD.
  • 13-day-old horizontal area guards immediate upside ahead of the early month’s multi-day high.
  • One-week-long support line, key SMAs restrict short-term downside.

GBP/JPY wavers around 152.15-20, up 0.33% intraday, ahead of Wednesday’s London open. In doing so, the pair attacks the key horizontal resistance that holds the gate for the pair’s further upside towards fresh top since April 2018.

Given the bullish MACD and the pair’s run-up during the last week, as portrayed by an ascending support line, GBP/JPY is likely to overcome the 152.20-30 immediate hurdle. However, a clear run-up beyond the monthly high, also the highest in 35 months, near 152.55, becomes necessary for the bulls.

Should the quote cross 152.55 resistance, the April 2018 peak surrounding 153.85 will be the spotlight. However, the April 26, 2018 high of 152.75 can act as a buffer during the rise.

Meanwhile, pullback moves will have to break the immediate support line, around 151.50, to direct GBP/JPY towards 100 and 50-SMA levels of 151.00 and 150.53.

Though, a clear downside below 150.53 will not hesitate to challenge the monthly low of 148.53 while likely taking a break around 149.45 during the fall.

GBP/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 152.18
Today Daily Change 0.54
Today Daily Change % 0.36%
Today daily open 151.64
 
Trends
Daily SMA20 150.78
Daily SMA50 147.49
Daily SMA100 143.58
Daily SMA200 140.16
 
Levels
Previous Daily High 151.95
Previous Daily Low 151.05
Previous Weekly High 151.55
Previous Weekly Low 148.53
Previous Monthly High 150.45
Previous Monthly Low 142.84
Daily Fibonacci 38.2% 151.6
Daily Fibonacci 61.8% 151.39
Daily Pivot Point S1 151.15
Daily Pivot Point S2 150.65
Daily Pivot Point S3 150.25
Daily Pivot Point R1 152.04
Daily Pivot Point R2 152.45
Daily Pivot Point R3 152.94

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds steady below 1.0800 ahead of EU data Premium

EUR/USD holds steady below 1.0800 ahead of EU data

EUR/USD is holding steady just shy of the 1.0800 mark in the early European morning. The US Dollar is consolidating the upside amid a cautious market tone, as investors assess Friday's US NFP blowout and hawkish Fed expectations. Eurozone data coming up next. 

EUR/USD News

GBP/USD attempts to cross 1.2050, downside looks likely amid US-China tensions

GBP/USD attempts to cross 1.2050, downside looks likely amid US-China tensions

The GBP/USD pair has attempted to extend its rebound move above the critical resistance of 1.2050 in the Tokyo session. The Cable gauged an intermediate cushion around 1.2000 amid subdued performance by the US Dollar Index (DXY).

GBP/USD News

Gold rebounds but not out of the woods yet Premium

Gold rebounds but not out of the woods yet

Gold price is making a tepid recovery attempt toward the $1,900 level at the start of the week on Monday. Gold buyers a breathing a sigh of relief after two back-to-back days of extreme sell-off.

Gold News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Is this the beginning of the end for bulls?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Is this the beginning of the end for bulls?

Bitcoin (BTC) price is the glue that is holding this 2023 bull run intact for Ethereum (ETH), Ripple (XRP) and other altcoins. But chinks in BTC bulls’ armor are beginning to show, therefore, investors need to be cautious of a sudden reversal. 

Read more

The Week Ahead - RBA rate meeting, UK Q4 GDP and earnings

The Week Ahead - RBA rate meeting, UK Q4 GDP and earnings

Back in November the RBA hiked rates by a less than expected 25bps, amidst concern about the effects recent rate hikes were having on the Australian economy and ergo the housing market. At the time Governor Philip Lowe said that the RBA wanted to slow the pace.

Read more

Forex MAJORS

Cryptocurrencies

Signatures