GBP/JPY Price Analysis: Clings to 50-DMA amid bearish MACD


  • GBP/JPY sellers flirt with short-term key moving average following three-day downtrend.
  • Bearish MACD, U-turn from crucial resistance line favor sellers.
  • Momentum signals need for clear breakdown to highlight 151.60-70 support area.

GBP/JPY holds lower ground near one week low after declining for third consecutive days till Tuesday morning in Asia. That said, the cross-currency pair seesaws around 50-DMA while flashing 153.52 as a quote.

Given the pair’s sustained reversal from a monthly resistance line, backed by bearish MACD, GBP/JPY is likely to remain depressed. However, the recent bounce of the Momentum line probes the pair sellers.

Hence, a clear downside break of 153.50 becomes necessary for the latest downside to sustain.

Following that, a convergence of 100-DMA and an ascending support line from late February, around 151.70-60 will be in the spotlight. It’s worth noting that the quote may take a breather around 152.00 during the stated fall.

Alternatively, the 154.00 threshold and a downward sloping trend line from late May, near 155.00, could test the recovery moves targeting a fresh high of the year above 156.06.

Also acting as an upside filter is the previous week’s top surrounding 155.15-20.

GBP/JPY daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 153.5
Today Daily Change -0.15
Today Daily Change % -0.10%
Today daily open 153.65
 
Trends
Daily SMA20 154.64
Daily SMA50 153.49
Daily SMA100 151.57
Daily SMA200 145.19
 
Levels
Previous Daily High 154.54
Previous Daily Low 153.6
Previous Weekly High 155.16
Previous Weekly Low 151.32
Previous Monthly High 156.08
Previous Monthly Low 150.93
Daily Fibonacci 38.2% 153.96
Daily Fibonacci 61.8% 154.18
Daily Pivot Point S1 153.32
Daily Pivot Point S2 152.99
Daily Pivot Point S3 152.38
Daily Pivot Point R1 154.26
Daily Pivot Point R2 154.87
Daily Pivot Point R3 155.2

 

 

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