GBP/JPY Price Analysis: Clings to 200-HMA inside weekly triangle

GBP/JPY remains pressured around the key moving average.
Downbeat RSI favors bears but symmetrical triangle restricts immediate moves.
Bulls have a bumpy road beyond the triangle.

Anil Panchal FXStreet

GBP/JPY eases to 151.50, down 0.06% intraday, amid the initial hour of Friday’s Tokyo open. The pair recently dropped amid news of the Japanese government’s readiness to extend the virus-led emergency towards the May end. However, 200-HMA restricts nearby moves of GBP/JPY inside the one-week-old symmetrical triangle.

Read: USD/JPY: Three-day downtrend tests 109.00 as Japan aims to extend virus-led emergency

Given the downward sloping RSI and risk-negative news from Japan, GBP/JPY may slip beneath the immediate 149.48 HMA support. Though, the stated triangle’s support near 151.20 and the 151.00 round-figure could test the sellers afterward.

Even if the cross-currency pair declines below 151.00, the weekly bottom of 150.88 adds a filter to the downside targeting the 150.00 psychological magnet.

Meanwhile, 151.80 and the 152.00 threshold can entertain short-term buyers during the corrective pullback.

If at all the GBP/JPY prices remain firm beyond 152.00, the stated triangle’s resistance line near 152.20 and late April top near 152.40 will precede the 153.00 resistance level, not to forget the yearly peak of 153.41.

GBP/JPY hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	151.5
Today Daily Change	-0.06
Today Daily Change %	-0.04%
Today daily open	151.56

Trends
Daily SMA20	150.8
Daily SMA50	150.85
Daily SMA100	146.87
Daily SMA200	142.37

Levels
Previous Daily High	152.13
Previous Daily Low	151.25
Previous Weekly High	152.41
Previous Weekly Low	149.54
Previous Monthly High	153.42
Previous Monthly Low	149.06
Daily Fibonacci 38.2%	151.59
Daily Fibonacci 61.8%	151.79
Daily Pivot Point S1	151.17
Daily Pivot Point S2	150.77
Daily Pivot Point S3	150.29
Daily Pivot Point R1	152.04
Daily Pivot Point R2	152.52
Daily Pivot Point R3	152.92

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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