GBP/JPY Price Analysis: Bulls cheer break of 100-day EMA beyond 135.00

GBP/JPY remains positive near three-week top.
Bullish MACD backs upside break of 100-day EMA to suggest further rise.
50% of Fibonacci retracement acts as additional support.

Anil Panchal FXStreet

GBP/JPY eases from the intraday top of 135.41 to 135.31 during Thursday’s Asian session. However, the pair still flashes 0.04% gains while staying near the highest since June 16. The quote refreshed the multi-day top on Wednesday after successfully crossing 100-day EMA.

Other than the clearance of the key EMA, bullish MACD also favors the buyers to aim for a 200-day EMA level of 136.13 during further advances.

However, 61.8% Fibonacci retracement of the pair’s February-March fall, around 137.00, will restrict the extra north-run.

Should buyers fail to keep the upside momentum and the quote slips below a 100-day EMA level of 134.82, 50% of Fibonacci retracement near 134.50 could return to the chart.

Additionally, June 23 high close to 134.00 and an upward sloping trend line from May 18, at 132.60 now, will add to the downside support in a case where the sellers dominate.

GBP/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	135.31
Today Daily Change	0.05
Today Daily Change %	0.04%
Today daily open	135.26

Trends
Daily SMA20	133.82
Daily SMA50	133.51
Daily SMA100	134.09
Daily SMA200	137.63

Levels
Previous Daily High	135.43
Previous Daily Low	134.58
Previous Weekly High	134.71
Previous Weekly Low	131.96
Previous Monthly High	139.74
Previous Monthly Low	131.77
Daily Fibonacci 38.2%	135.1
Daily Fibonacci 61.8%	134.9
Daily Pivot Point S1	134.75
Daily Pivot Point S2	134.24
Daily Pivot Point S3	133.9
Daily Pivot Point R1	135.59
Daily Pivot Point R2	135.93
Daily Pivot Point R3	136.44

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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