GBP/JPY Price Analysis: Bulls face rejection near 152.20

GBP/JPY seems vulnerable near-daily highs on Friday.
Confirmation awaited for any directional bets.
Neutral MACD tilts in favor of upside momentum.

Rekha Chauhan Independent Analyst

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

GBP/JPY

Overview
Today last price	151.72
Today Daily Change	-0.17
Today Daily Change %	-0.11
Today daily open	151.89

Trends
Daily SMA20	150.85
Daily SMA50	150.54
Daily SMA100	146.24
Daily SMA200	141.98

Levels
Previous Daily High	152.41
Previous Daily Low	151.3
Previous Weekly High	151.98
Previous Weekly Low	149.06
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	151.98
Daily Fibonacci 61.8%	151.72
Daily Pivot Point S1	151.32
Daily Pivot Point S2	150.75
Daily Pivot Point S3	150.21
Daily Pivot Point R1	152.43
Daily Pivot Point R2	152.98
Daily Pivot Point R3	153.55

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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