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.
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
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.
