• GBP/JPY takes the bids to refresh weekly, up for the second consecutive day.
  • Overbought RSI, looming bear cross may again challenge buyers.
  • Upside break of needs validation from monthly high, 2021 peak.

GBP/JPY refreshes weekly top to 157.41 while stretching the previous day’s rebound from 10-DMA to early Wednesday. In doing so, the cross-currency pair eyes a downward sloping resistance line from October 20.

Although bullish MACD signals hint at the pair’s further advances, overbought RSI and previous failures to cross the key hurdle around 157.70 teases bears. Furthermore, a looming bearish cross between the 50-DMA and 100-DMA also challenges the quote’s further advances.

Even if the quote rises past 157.70, it needs to cross the monthly high of 157.76 and 2021 top surrounding 158.22 to convince the GBP/JPY bulls.

Following that, the 160.00 threshold and May 2016 peak of 163.90 should lure the pair buyers.

Alternatively, pullback moves remain elusive beyond the 10-DMA level of 156.57, a break of which will direct GBP/JPY sellers towards the weekly bottom of 155.95.

However, any further downside will be challenged by the mid-November’s high near 154.75 and a confluence of the 100-DMA and 50-DMA close to 153.05.

GBP/JPY: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 157.38
Today Daily Change 0.23
Today Daily Change % 0.15%
Today daily open 157.15
 
Trends
Daily SMA20 154.31
Daily SMA50 153.03
Daily SMA100 153
Daily SMA200 152.82
 
Levels
Previous Daily High 157.32
Previous Daily Low 156.15
Previous Weekly High 157.77
Previous Weekly Low 154.89
Previous Monthly High 156.02
Previous Monthly Low 148.98
Daily Fibonacci 38.2% 156.87
Daily Fibonacci 61.8% 156.6
Daily Pivot Point S1 156.43
Daily Pivot Point S2 155.71
Daily Pivot Point S3 155.27
Daily Pivot Point R1 157.59
Daily Pivot Point R2 158.04
Daily Pivot Point R3 158.76

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD struggles below 0.6700 with eyes on Australia inflation, China PMI and Fed’s Powell

AUD/USD struggles below 0.6700 with eyes on Australia inflation, China PMI and Fed’s Powell

AUD/USD portrays the typical pre-data anxiety as it seesaws near 0.6685-90 during the early hours of Wednesday’s Asian session. In doing so, the Aussie pair fails to cheer the risk-positive headlines from Australia’s major customer China amid the recently firmer US Dollar.

AUDUSD News

EUR/USD closing in most bullish month in 12 years ahead of Eurozone inflation, Federal Reserve talk

EUR/USD closing in most bullish month in 12 years ahead of Eurozone inflation, Federal Reserve talk

EUR/USD remains pressured around 1.0330, after printing a two-day downtrend, as it prepares for the big day during early Wednesday in Asia. The major currency pair stays on the way to posting the biggest monthly run-up in 12 years.

EUR/USD News

Gold traders await the Federal Reserve Chair Jerome Powell

Gold traders await the Federal Reserve Chair Jerome Powell

Gold prices climbed on Tuesday even as the US Dollar and bond yields rose but were capped as traders get set for the Federal Reserve's chair, Jerome Powell, who will speak on Wednesday. China and the Coronavirus spread are keeping markets at bay. 

Gold News

Luna Classic: 10% drop then a market reversal

Luna Classic: 10% drop then a market reversal

Terra's Luna Classic price has been trading range bound for over a week. The consolidating range has produced higher highs and higher lows following each change of trend. If the technicals are correct, LUNC could be setting up for one more 10% decline before a market reversal occurs.

Read more

Stock markets recovered from China uncertainty, Fed's Powell next

Stock markets recovered from China uncertainty, Fed's Powell next

S&P 500 recovered from China uncertainty, keeping right below 4,000 until Williams and Bullard reiterated sticky inflation and high rates views. Reiterated – not brought fresh and unexpected information. Still, stocks and much of the rest declined sharply.

Read more

Forex MAJORS

Cryptocurrencies

Signatures