GBP/JPY Price Analysis: Fades bounce off 200-HMA after UK Retail Sales

GBP/JPY struggles to defend the first daily gains in three.
UK Retail Sales prints mixed details in June, ex-Fuel figures on MoM jumped.
100-HMA, two-day-old resistance line guards immediate upside.
50%, 61.8% Fibonacci retracement levels act as additional downside filters.

Anil Panchal FXStreet

GBP/JPY buyers struggle to keep the first daily gains in three after the UK Retail Sales printed mixed figures for June. That said, the cross-currency pair grinds higher around 164.90 during the early Friday morning in Europe.

UK Retail Sales for June improved more than -0.3% expected and -0.8% prior to -0.1% MoM. A core version of the key British data, i.e. Retail Sales ex-Fuel, reverses the -0.4% market consensus and -0.1% previous readings to 0.4% positive figures.

Also read: UK Retail Sales fall 0.1% MoM in June vs. -0.3% expected

Technically, firmer MACD signals join the quote’s successful trading above the 200-HMA to keep buyers hopeful.

However, the 100-HMA and a downward sloping resistance line from Wednesday, respectively around 165.40 and 165.80, could prone the GBP/JPY upside before directing them to the weekly high of 166.25.

Alternatively, pullback moves remain elusive until staying beyond 200-HMA level of 164.50.

Even so, the 50% and 61.8% Fibonacci retracement of July 12-20 upside, near 164.00 and 163.00 in that order, could challenge the GBP/JPY bears before giving them controls.

GBP/JPY: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	164.91
Today Daily Change	0.27
Today Daily Change %	0.16%
Today daily open	164.64

Trends
Daily SMA20	164.37
Daily SMA50	163.48
Daily SMA100	161.86
Daily SMA200	158.14

Levels
Previous Daily High	166
Previous Daily Low	164.54
Previous Weekly High	165.2
Previous Weekly Low	161.84
Previous Monthly High	168.74
Previous Monthly Low	160
Daily Fibonacci 38.2%	165.1
Daily Fibonacci 61.8%	165.44
Daily Pivot Point S1	164.12
Daily Pivot Point S2	163.6
Daily Pivot Point S3	162.67
Daily Pivot Point R1	165.58
Daily Pivot Point R2	166.51
Daily Pivot Point R3	167.03

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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