GBP/JPY Price Analysis: Drops below 160.00 on bearish spinning top candle near multi-day high

GBP/JPY extends pullback from six-year high, takes offers to refresh intraday low of late.
Bearish candlestick, overbought RSI hints at further weakness.
10-month-old rising trend line limits immediate upside ahead of May 2016 peak.

Anil Panchal FXStreet

GBP/JPY takes offers to refresh intraday low around 159.70, down 0.20% on a day during Thursday’s Asian session.

In doing so, the yen cross justifies the previous day’s bearish spinning top candlestick, as well as overbought RSI, to extend pullback from a six-year high.

That said, the quote’s latest weakness directs bears towards the previous resistance line from October 2021, around 157.30. However, the last year’s high of 158.21 may act as an intermediate halt.

Should the GBP/JPY prices drop below 157.30, the sellers may not hesitate to revisit the early March’s swing high near 155.25.

Meanwhile, the pair’s further upside momentum will initially be challenged by an ascending resistance line from May 2021, around 160.55 by the press time.

Following that, the latest high near 161.10 and May 2016 top surrounding 163.90 will be on GBP/JPY bull’s radar.

GBP/JPY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	159.69
Today Daily Change	-0.31
Today Daily Change %	-0.19%
Today daily open	160

Trends
Daily SMA20	154.62
Daily SMA50	155.26
Daily SMA100	154.16
Daily SMA200	153.42

Levels
Previous Daily High	161.1
Previous Daily Low	159.04
Previous Weekly High	157.23
Previous Weekly Low	152.92
Previous Monthly High	158.07
Previous Monthly Low	153.37
Daily Fibonacci 38.2%	159.83
Daily Fibonacci 61.8%	160.32
Daily Pivot Point S1	158.99
Daily Pivot Point S2	157.98
Daily Pivot Point S3	156.93
Daily Pivot Point R1	161.06
Daily Pivot Point R2	162.11
Daily Pivot Point R3	163.12

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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