GBP/JPY Price Analysis: Failure to breach last week high gave way for bears, falls below 157.00

  • The British pound retreats from weekly highs, 120-pips on risk-off market mood.
  • GBP/JPY Technical Outlook: Remains upward biased, but GBP bulls need to reclaim above the 50-hour SMA.

On Thursday, the GBP/JPY falls for the second consecutive day, retreating from weekly highs around 157.70s, down close to 100-pips in the day. At the time of writing, the GBP/JPY exchanges hand at 156.53, losing 0.28%. The market mood is downbeat as portrayed by US equities falling between 0.55% and 1.36%. In the FX market complex, the safe-haven peers like the JPY and the CHF advance, while the US dollar continues to be hit by substantial sell-off across the board.

GBP/JPY Price Forecast: Technical outlook

In the overnight session for North American traders, the cross-currency pair was subdued around the 157.00-40 range. But, as the market mood deteriorated, appetite for safe-haven increased, thus sending the GBP/JPY tumbling towards the daily low at 156.31, near 10-pips short of the S2 daily pivot.

A previous GBP/JPY analysis noted that “the GBP/JPY is upward biased,” but also emphasized that “the high reached on January 5 at 157.76, short of October 20, 2021, at 158.22, exposed the GBP/JPY to downward pressure.

That said, the GBP/JPY retreated 120-pips from the weekly high at 157.72, attributed to risk-aversion meandering in the market.

On the downside, the GBP/JPY next demand area would be the psychological 156.00 figure. A break under that level would expose the January 4 daily low at 155.34. and then the January 3 daily low at 154.90.

To the upside, the first resistance level would be the 200-hour simple moving average (SMA) at 156.81. A decisive break above that level would expose the 100-hour SMA at 157.00, followed by the 50-hour SMA at 157.14. 


Today last price 156.54
Today Daily Change -0.49
Today Daily Change % -0.31
Today daily open 157.03
Daily SMA20 154.6
Daily SMA50 153.05
Daily SMA100 153.05
Daily SMA200 152.85
Previous Daily High 157.71
Previous Daily Low 156.76
Previous Weekly High 157.77
Previous Weekly Low 154.89
Previous Monthly High 156.02
Previous Monthly Low 148.98
Daily Fibonacci 38.2% 157.13
Daily Fibonacci 61.8% 157.35
Daily Pivot Point S1 156.63
Daily Pivot Point S2 156.22
Daily Pivot Point S3 155.68
Daily Pivot Point R1 157.58
Daily Pivot Point R2 158.12
Daily Pivot Point R3 158.52



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

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD rebounds to 1.1350 on modest dollar weakness

EUR/USD regained its traction after declining toward 1.1320 during the European session and rose to 1.1350 area. The dollar's is facing modest selling pressure amid falling US Treasury bond yields and allowing the pair to continue to edge higher ahead of the weekend.


GBP/USD struggles to pull away from 10-day low set near 1.3550

GBP/USD fell toward 1.3550 on Friday and touched its weakest level in 10 days. Although the US Dollar Index stays in the negative territory in the early American session, the risk-averse market environment doesn't allow the pair to stage a convincing recovery.


Gold reclaims $1,840 amid falling US T-bond yields

Gold reversed its direction after testing $1,830 earlier in the day and turned positive on the day above $1,840. The benchmark 10-year US Treasury bond yield is losing more than 3% at 1.75%, fueling XAU/USD's rebound.

Gold News

BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read more

Will the Netflix stock price rebound?

Netflix stock edged down after better than expected Q4 results. Will the Netflix stock price rebound? Expectations of rising subscription and higher prices are bullish for Netflix stock price.

Read more