GBP/JPY Price Analysis: Extends bounce off 78.6% Fibo towards 152.00

GBP/JPY picks up bids to refresh intraday high, reverses from 11-week low.
RSI rebounds from oversold territory as 78.6% Fibonacci retracement challenges bears.
Previous support line from December, 200-DMA become the key hurdle.

Anil Panchal FXStreet

GBP/JPY justifies the previous day’s rebound from key Fibonacci retracement (Fibo.) support while refreshing the daily high to 151.65 during Wednesday’s Asian session.

Given the improvement in the RSI line from the oversold zone, the quote is likely to extend the latest U-turn from the 78.6% Fibo. of September-October 2021 upside near 150.95 by the press time.

In doing so, a 61.8% Fibonacci retracement level around 152.50 will be on the GBP/JPY buyer’s radar.

However, the support-turned-resistance from December 3, 2021, around 153.00, will precede the 200-DMA level of 153.37 to challenge GBP/JPY buyers.

Alternatively, a clear downside break of 150.95 won’t hesitate to direct the GBP/JPY prices toward the 150.00 psychological magnet.

Though, lows marked during September and December 2021, close to 149.00-148.95, will be a tough nut to crack for the pair sellers afterward.

GBP/JPY: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	151.67
Today Daily Change	0.18
Today Daily Change %	0.12%
Today daily open	151.49

Trends
Daily SMA20	155.06
Daily SMA50	155.43
Daily SMA100	154.25
Daily SMA200	153.39

Levels
Previous Daily High	152.02
Previous Daily Low	150.99
Previous Weekly High	155.23
Previous Weekly Low	151.47
Previous Monthly High	158.07
Previous Monthly Low	153.37
Daily Fibonacci 38.2%	151.62
Daily Fibonacci 61.8%	151.38
Daily Pivot Point S1	150.98
Daily Pivot Point S2	150.46
Daily Pivot Point S3	149.94
Daily Pivot Point R1	152.01
Daily Pivot Point R2	152.53
Daily Pivot Point R3	153.04

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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