GBP/JPY Price Analysis: Corrective pullback eyes to regain 150.50

GBP/JPY picks up bids to refresh intraday high, snaps two-day downtrend.
78.6% Fibonacci retracement, two-month-old resistance line challenge bulls.
Fortnight-long support line restricts immediate downside, 200-DMA offers extra hurdle to the north.

Anil Panchal FXStreet

GBP/JPY refreshes intraday high to 150.38, up 0.16% on a day while consolidating the latest losses ahead of Tuesday’s European morning.

The cross-currency pair keeps the bounce off a two-week-long ascending support line amid bullish MACD signals to direct GBP/JPY towards 78.6% Fibonacci retracement level of July-October upside, near 150.50.

However, a downward sloping trend line from late October, near 151.20, will be a tough nut to crack for the GBP/JPY buyers, which if broken could direct the quote towards the 200-DMA level of 152.50.

Alternatively, a downside break of the stated nearby support line, surrounding 149.60, will highlight the monthly low and September’s bottom around 149.00.

Also acting as the key support is July’s low of 148.46 and late 2019 peak of 147.95.

To sum up, GBP/JPY licks its wounds but remains on the bear’s radar.

GBP/JPY: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	150.35
Today Daily Change	0.22
Today Daily Change %	0.15%
Today daily open	150.13

Trends
Daily SMA20	150.95
Daily SMA50	153.4
Daily SMA100	152.43
Daily SMA200	152.52

Levels
Previous Daily High	150.62
Previous Daily Low	149.53
Previous Weekly High	152.64
Previous Weekly Low	149.77
Previous Monthly High	156.5
Previous Monthly Low	149.73
Daily Fibonacci 38.2%	149.95
Daily Fibonacci 61.8%	150.2
Daily Pivot Point S1	149.57
Daily Pivot Point S2	149.01
Daily Pivot Point S3	148.49
Daily Pivot Point R1	150.65
Daily Pivot Point R2	151.18
Daily Pivot Point R3	151.74

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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