GBP/JPY Price Analysis: Bulls cheer Wednesday’s dragonfly Doji to aim for 150.00


  • GBP/JPY takes the bids to refresh intraday high, keeps bounce off four-month low.
  • Further gains envisioned on oversold RSI, bullish candlestick pattern.
  • Previous support line from late June tests recovery moves.
  • Bears need to conquer 148.50 to retake controls.

GBP/JPY stays bid following the previous day’s U-turn from late March lows, up 0.15% intraday to refresh the day’s high with 149.95, during Wednesday’s Asian session.

The cross-currency pair’s rebound from a multi-day low on Tuesday portrayed a bullish candlestick formation, dragonfly Doji, on the daily chart. The recovery hints from daily candle also gain support from RSI recovery from the oversold area.

Hence, the latest up-move aims the support-turned-resistance line from June 21, surrounding 150.15. Though, the quote needs to cross the 150.00 threshold for that.

Additionally, the early July’s swing lows near 150.70 and 23.6% Fibonacci retracement of January-May upside, near 152.16 will tough resistances to watch during the GBP/JPY upside.

Alternatively, 38.2% Fibonacci retracement level near 149.70 offers immediate support during the quote’s pullback moves ahead of the key 148.45-50 region comprising lows marked since March.

To sum up, GBP/JPY corrective pullback is likely to extend but has miles to go before reversing the trend.

GBP/JPY: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 149.89
Today Daily Change 0.21
Today Daily Change % 0.14%
Today daily open 149.68
 
Trends
Daily SMA20 152.75
Daily SMA50 153.85
Daily SMA100 152.48
Daily SMA200 146.6
 
Levels
Previous Daily High 149.98
Previous Daily Low 148.46
Previous Weekly High 153.49
Previous Weekly Low 151.43
Previous Monthly High 155.94
Previous Monthly Low 151.32
Daily Fibonacci 38.2% 149.04
Daily Fibonacci 61.8% 149.4
Daily Pivot Point S1 148.77
Daily Pivot Point S2 147.86
Daily Pivot Point S3 147.25
Daily Pivot Point R1 150.28
Daily Pivot Point R2 150.89
Daily Pivot Point R3 151.8

 

 

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