GBP/JPY Price Analysis: Eyes to regain 150.00 ahead of British budget


  • GBP/JPY takes bids near intraday high, battles one-week-old hurdle.
  • Sustained trading above key SMA, trend lines join hopes of easy British budget to favor bulls.
  • Horizontal area from mid-February adds to the downside filters.

GBP/JPY refreshes intraday high with 149.20 figures during the early Wednesday. In doing so, the quote justifies high hopes from today’s UK budget, backed by official hints to do “whatever it takes”.

Also on the positive side could be the strong RSI and successful trading above the key short-term support line, SMA.

However, a one-week-old horizontal area surrounding 149.20-25 questions the pair’s run-up to the yearly peak of 150.44. On its way up, GBP/JPY may catch a breather around the 150.00 threshold.

It should be noted that the quote’s sustained rise past-150.44 will have to cross April 20, 2018 low near 150.65-70 before extending the gains.

Meanwhile, 50-bar SMA and an upward sloping trend line from early February, respectively around 148.65 and 148.15, restrict the short-term downside of the GBP/JPY.

Also acting as the key immediate support is a region comprising multiple levels marked since February 16 around 147.40-45.

GBP/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 149.2
Today Daily Change 0.11
Today Daily Change % 0.07%
Today daily open 149.09
 
Trends
Daily SMA20 146.66
Daily SMA50 143.48
Daily SMA100 140.72
Daily SMA200 138.58
 
Levels
Previous Daily High 149.2
Previous Daily Low 148.12
Previous Weekly High 150.45
Previous Weekly Low 147.41
Previous Monthly High 150.45
Previous Monthly Low 142.84
Daily Fibonacci 38.2% 148.79
Daily Fibonacci 61.8% 148.53
Daily Pivot Point S1 148.4
Daily Pivot Point S2 147.72
Daily Pivot Point S3 147.33
Daily Pivot Point R1 149.48
Daily Pivot Point R2 149.88
Daily Pivot Point R3 150.56

 

 

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