GBP/JPY Price Analysis: Dragonfly Doji keeps buyers hopeful above 151.00

GBP/JPY snaps five-day downtrend, bounces off two-month low.
Bullish candlestick, MACD signals favor buyers to cross short-term hurdle.
100-SMA, fortnight-long resistance line challenge further upside, sellers will return below 151.00.

Anil Panchal FXStreet

GBP/JPY extends rebound from October lows, tested the previous day, while picking up the bids to 151.35 during early European morning on Wednesday.

The cross-currency pair cheers a bullish candlestick formation at the multi-day low to consolidate the heaviest monthly fall since September 2020. Adding to the bullish bias is the quote’s latest upside break of a weekly falling trend line and upbeat MACD conditions.

That said, GBP/JPY buyers currently aim for multiple hurdles around 151.80 before challenging the 152.00 threshold.

However, the pair’s further advances will be challenged by 100-SMA and a descending trend line from November 17, respectively around 153.00 and 153.65.

Alternatively, the resistance-turned-support line around 151.10 precedes the 151.00 round figure to restrict short-term GBP/JPY declines.

Adding to the downside filters is the 150.45 level and the 150.00 psychological magnet before the quote challenges October’s trough near 149.25.

GBP/JPY: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	151.36
Today Daily Change	1.02
Today Daily Change %	0.68%
Today daily open	150.34

Trends
Daily SMA20	153.2
Daily SMA50	153.69
Daily SMA100	152.63
Daily SMA200	152.5

Levels
Previous Daily High	151.63
Previous Daily Low	149.73
Previous Weekly High	154.22
Previous Weekly Low	150.72
Previous Monthly High	156.5
Previous Monthly Low	149.73
Daily Fibonacci 38.2%	150.46
Daily Fibonacci 61.8%	150.91
Daily Pivot Point S1	149.5
Daily Pivot Point S2	148.66
Daily Pivot Point S3	147.6
Daily Pivot Point R1	151.4
Daily Pivot Point R2	152.47
Daily Pivot Point R3	153.31

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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