GBP/JPY Price Analysis: Eases towards previous resistance surrounding 167.00

GBP/JPY retreats from four-month high, prints the first daily loss in five.
Failures to stay beyond 168.00 joins bearish MACD signals to lure GBP/JPY bears.
Resistance-turned-support from early April, steady RSI prods pair sellers.
Upside break of the immediate trend line hurdle could aim for the late 2022 peak.

Anil Panchal FXStreet

GBP/JPY prints mild losses around 167.50 heading into Thursday’s London open. In doing so, the cross-currency pair consolidates the four-day uptrend at the highest levels since late 2022.

That said, the bearish MACD signals join the quote’s repeated failure to stay beyond the 168.00 round figure to lure the GBP/JPY pair sellers.

However, the steady RSI (14) line and a 12-day-old descending trend line, previous resistance around 167.00, restrict the immediate downside of the quote.

Following that, multiple lows marked during mid-April, near 164.50-40, will be in the spotlight.

It should be noted that a one-week-old horizontal area of around 165.40-50 could offer an intermediate halt to the GBP/JPY pair sellers between 167.00 and 164.40.

On the flip side, a downward-sloping trend line stretched from the previous day’s peak, around 167.65 at the latest, could quickly portray the pair’s other attempt to surpass the 168.00 figure.

Also acting as a short-term key upside hurdle is the late 2022 peak of 169.27 and the 170.00 round figure, a break of which could highlight the November 2022 high of nearly 172.15.

GBP/JPY: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	167.5
Today Daily Change	-0.08
Today Daily Change %	-0.05%
Today daily open	167.58

Trends
Daily SMA20	164.34
Daily SMA50	162.95
Daily SMA100	162.19
Daily SMA200	163.26

Levels
Previous Daily High	167.98
Previous Daily Low	166.49
Previous Weekly High	166.85
Previous Weekly Low	163.81
Previous Monthly High	165.47
Previous Monthly Low	158.27
Daily Fibonacci 38.2%	167.41
Daily Fibonacci 61.8%	167.06
Daily Pivot Point S1	166.72
Daily Pivot Point S2	165.86
Daily Pivot Point S3	165.24
Daily Pivot Point R1	168.21
Daily Pivot Point R2	168.83
Daily Pivot Point R3	169.69

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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