GBP/JPY Price Analysis: Dip buyers emerge at the 20-hour EMA as traders eye 166.00

  • GBP/JPY registers minimal losses as the Asian session begins, down 0.08%.
  • The cross-currency pair needs to break above 166.00 to open the door for upward prices.
  • Deterioration in traders’ mood and failures to crack 166.00 could send the GBP/JPY tumbling towards 163.00.

The GBP/JPY registers minimal losses as the Asian Pacific session begins. On Tuesday, the GBP/JPY opened below the 164.00 figure and rose towards the daily high at 165.54 before retracing some of its gains, finishing Tuesday’s trading session positive by 1%. At the time of writing, the GBP/JPY is trading at 165.24.

GBP/JPY Price Analysis: Technical outlook

Even though the cross-currency pair printed six days of gains, the GBP/JPY needs to clear September’s high at 167.94 to cement its upward bias. GBP/JPY traders should be aware that the Relative Strength Index (RSI) shifted from aiming upwards to flat, suggesting buyers’ exhaustion. Therefore, as buyers get a respite, the GBP/JPY might correct lower to challenge the YTD high at 168.73.

Short term, the GBP/JPY one-hour chart delineates prices advancing steadily, with the 20-hour EMA, as dynamic support, previously tested four times. Still, the GBP/JPY managed to stay on the bullish side of the moving average (MA), used for dip buyers to re-enter longs.

If the GBP/JPY is going to extend its gains, the first resistance would be 166.00. Once cleared, the next resistance would be the R1 daily pivot at 166.14, followed by the R2 pivot point at 167.00.

GBP/JPY’s failure to decisively break 166.00 and deterioration in sentiment could pave the way for further losses. Therefore, the first support would be the confluence of the daily pivot point and the 20-hour EMA at 165.26. Break below will expose the S1 pivot at 164.02, followed by the 50-hour EMA at 163.47 and the 163.00 mark.

GBP/JPY Key Technical Levels


Today last price 165.26
Today Daily Change 1.58
Today Daily Change % 0.97
Today daily open 163.68
Daily SMA20 162.29
Daily SMA50 162.3
Daily SMA100 162.99
Daily SMA200 160.5
Previous Daily High 163.9
Previous Daily Low 160.58
Previous Weekly High 162.18
Previous Weekly Low 148.8
Previous Monthly High 167.22
Previous Monthly Low 148.8
Daily Fibonacci 38.2% 162.63
Daily Fibonacci 61.8% 161.85
Daily Pivot Point S1 161.54
Daily Pivot Point S2 159.4
Daily Pivot Point S3 158.23
Daily Pivot Point R1 164.85
Daily Pivot Point R2 166.03
Daily Pivot Point R3 168.17



Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content

Recommended content

Editors’ Picks

EUR/USD slides to multi-month lows below 1.0650

EUR/USD slides to multi-month lows below 1.0650

EUR/USD stays under heavy bearish pressure and trades at its lowest level since November below 1.0650. Divergent ECB-Fed policy outlooks and the risk-averse market atmosphere keep the US Dollar strongly bid and weigh on the pair.


GBP/USD extends decline below 1.2450 on sustained USD strength

GBP/USD extends decline below 1.2450 on sustained USD strength

GBP/USD extends losses and trades at fresh multi-month lows below 1.2450 even after the January month UK GDP was revised higher to 0.3%. The negative shift seen in risk mood fuels another leg higher in the USD and drags the pair lower.


Gold advances to new historic high above $2,400

Gold advances to new historic high above $2,400

Gold gathers bullish momentum ahead of the weekend and trades at a new record high above $2,400. Escalating geopolitical tensions help XAU/USD continue to push up despite the broad-based US Dollar strength.

Gold News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Rich Dad Poor Dad author Robert Kiyosaki says he will not buy Bitcoin ETFs. Kiyosaki stated his dislike for Wall Street’s financial products and preferred packaging his own. 

Read more

Five fundamentals for the week ahead: Israel-Iran tensions, US Retail Sales, and more Premium

Five fundamentals for the week ahead: Israel-Iran tensions, US Retail Sales, and more

US Retail Sales data will provide an updated snapshot of the health of the economy. Chinese GDP may confirm the narrative that Beijing's stimulus is working. UK inflation data may push the Bank of England to early rate cuts.

Read more