- GBP/JPY seems vulnerable near-daily highs on Friday.
- Confirmation awaited for any directional bets.
- Neutral MACD tilts in favor of upside momentum.
The GBP/JPY cross failed to extend the gains of Thursday and fell below the 152 mark in the Asain session on April 30. The cross peaked at 152.12 before traveling to the intraday lows of 151.66.
At the time of writing, GBP/JPY is trading at 151.75, down 0.06% on the day.
GBP/JPY daily chart
On the daily chart, the cross is facing rejection above the 152.20 mark, the descending trend line from April 5, at 153.36, acts as a strong line of defence for GBP/JPY bulls. However, if the price makes an effort to move higher, then it would meet its first resistance at Thursday’s high of 152.41, which would also mark the breach of the downward slope line and, thus, push prices toward the 153 horizontal resistance zone. Next, the prices would love to kiss early April highs of 153.43.
The Moving Average Convergence Divergence (MACD) indicator is comfortably placed above the midline, however, a slight downtick will ask bears to take centre stage and would pull prices toward the 151 horizontal support zone. On moving lower, the next stop will be the 50-day simple moving average (SMA) placed at 150.65 and then the lows of April 27 around 150.15 cannot be ruled out.
GBP/JPY additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD holds above 1.2350 after UK PMIs
GBP/USD clings to modest daily gains above 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.