GBP/JPY Price Analysis: Eases around 159.00 inside monthly falling channel, UK jobs eyed

  • GBP/JPY pauses two-day recovery moves inside one-month-old bearish channel.
  • Bearish MACD signals join recent pullback to suggest further grind to the south.
  • 160.30-35 appears a tough nut to crack for bulls, sellers have multiple hurdle to visit.

GBP/JPY fades from a two-day rebound near 159.00 as traders await UK data during Tuesday’s Asian session.

In doing so, the cross-currency pair remains inside a one-month-old descending trend channel formation, recently firmer around the 50% Fibonacci retracement (Fibo.) of December 2021 to April 2022 upside.

It’s worth noting that the GBP/JPY breakout of 50% Fibo enables the quote to aim for further upside. However, bearish MACD signals and a strong resistance to the north comprising the 50-day EMA and upper line of the stated channel, near 160.35-30, could challenge the buyers.

Meanwhile, a clear upside break of the 160.35 won’t hesitate to aim for the monthly high surrounding 163.90.

Alternatively, pullback moves may aim for the 50% and 61.8% Fibonacci retracement levels, respectively near 158.65 and 156.35.

Even so, the 200-day EMA and an upward sloping support line from late 2021, close to 156.00 and 152.70 in that order, will act as the last defenses for buyers.

GBP/JPY: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 158.96
Today Daily Change 0.53
Today Daily Change % 0.33%
Today daily open 158.43
Daily SMA20 162.44
Daily SMA50 160.37
Daily SMA100 157.96
Daily SMA200 155.2
Previous Daily High 158.51
Previous Daily Low 156.53
Previous Weekly High 162.19
Previous Weekly Low 155.6
Previous Monthly High 168.44
Previous Monthly Low 159.64
Daily Fibonacci 38.2% 157.76
Daily Fibonacci 61.8% 157.29
Daily Pivot Point S1 157.14
Daily Pivot Point S2 155.85
Daily Pivot Point S3 155.16
Daily Pivot Point R1 159.11
Daily Pivot Point R2 159.8
Daily Pivot Point R3 161.09



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