GBP/JPY Price Analysis: Crosses weekly hurdle to regain 164.00

GBP/JPY grinds higher during the second positive daily performance of the week.
Firmer RSI, a clear upside break of one-week-old trend line favor buyers.
200-SMA, three-week-long resistance line challenge short-term upside.

Anil Panchal FXStreet

GBP/JPY picks up bids around 164.05 heading into Thursday’s London open. In doing so, the cross-currency pair crosses the one-week-old resistance line, now support, to lure the bulls.

In addition to the trend line breakout, the firmer RSI (14), not overbought, also keep GBP/JPY buyers hopeful.

That said, the 200-SMA surrounding 164.45 appears the immediate resistance for the pair traders to watch during the quote’s further upside.

Following that, a downward sloping trend line from June 21, close to 164.60, appears as the latest defense for GBP/JPY bears.

Alternatively, pullback remains elusive until the quote stays beyond the resistance-turned-support line near 163.85.

In a case where GBP/JPY declines below 163.85, the odds of witnessing the pair’s another fall towards one-week-old horizontal support near 161.80 can’t be ruled out.

However, a monthly support line near 160.55 and the 160.00 psychological magnet appear the key support for GBP/JPY bears to consider if the quote drops below 161.80.

GBP/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	164.06
Today Daily Change	0.79
Today Daily Change %	0.48%
Today daily open	163.27

Trends
Daily SMA20	164.6
Daily SMA50	162.87
Daily SMA100	161.22
Daily SMA200	157.81

Levels
Previous Daily High	164.12
Previous Daily Low	162.36
Previous Weekly High	165.28
Previous Weekly Low	160.4
Previous Monthly High	168.74
Previous Monthly Low	160
Daily Fibonacci 38.2%	163.45
Daily Fibonacci 61.8%	163.03
Daily Pivot Point S1	162.37
Daily Pivot Point S2	161.48
Daily Pivot Point S3	160.61
Daily Pivot Point R1	164.14
Daily Pivot Point R2	165.02
Daily Pivot Point R3	165.91

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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