GBP/JPY Price Analysis: Friday’s Doji, 21-DMA challenge recovery above 163.00

GBP/JPY pares intraday gains as short-term moving average tests buyers.
Downbeat MACD signals, the previous day’s bearish candlestick also tease sellers.
Bears need validation from 50% Fibonacci retracement level to retake controls.

Anil Panchal FXStreet

GBP/JPY retreats from the intraday high while consolidating the daily gains around 163.45 during Monday’s Asian session.

In doing so, the cross-currency pair justifies the previous day’s Doji candlestick, as well as bearish MACD signals, by taking a U-turn from the 21-DMA.

Other than the 21-DMA hurdle of 163.60, a horizontal area comprising multiple levels marked since late March also challenges the GBP/JPY buyers around 164.65-75.

Should the quote rise past-164.75, the odds of witnessing a run-up towards April’s peak of 168.43 can’t be ruled out.

On the flip side, the 160.00 threshold may entertain GBP/JPY bears ahead of directing them to the 50% Fibonacci retracement (Fibo.) of March-April upside, near 159.65.

It’s worth noting, however, that a daily closing below 159.65 will need validation from March’s low surrounding 159.00 before highlighting the 61.8% Fibo level of 157.59 for the pair sellers.

To sum up, GBP/JPY buyers seem exhausted but the bears have a long way before retaking the control.

GBP/JPY: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	163.45
Today Daily Change	0.32
Today Daily Change %	0.20%
Today daily open	163.13

Trends
Daily SMA20	163.59
Daily SMA50	159.16
Daily SMA100	157.04
Daily SMA200	154.79

Levels
Previous Daily High	163.99
Previous Daily Low	162.39
Previous Weekly High	165.33
Previous Weekly Low	159.64
Previous Monthly High	168.44
Previous Monthly Low	159.64
Daily Fibonacci 38.2%	163.38
Daily Fibonacci 61.8%	163
Daily Pivot Point S1	162.35
Daily Pivot Point S2	161.57
Daily Pivot Point S3	160.75
Daily Pivot Point R1	163.95
Daily Pivot Point R2	164.77
Daily Pivot Point R3	165.55

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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