GBP/JPY Price Analysis: Gravestone Doji above 21-day EMA keeps buyers hopeful

GBP/JPY keeps bounces off a short-term key EMA after flashing bullish candlestick formation.
Early-month tops may offer intermediate halt during the run-up to the monthly high.
Sellers have multiple barriers, despite bearish MACD, before retaking controls.

Anil Panchal FXStreet

GBP/JPY gains 0.14% on a day while taking the bids near 138.65 during the early Tuesday. The pound cross flashed a bullish candlestick formation the previous day while recovering from 21-day EMA.

As a result, buyers refrain from respecting bearish MACD conditions while targeting 139.20/25 area comprising the highs marked on July 31 and August 06.

Should the bulls remain dominant past-139.25, a falling trend line from August 13 near 139.85 and 140.00 can challenge the further upside ahead of the monthly top surrounding 140.20.

Alternatively, a downside break below the 21-day EMA level of 138.30 will divert sellers towards the month’s low around 137.75.

However, the pair’s downside break of 137.75 will make it vulnerable to revisit July 22 peak close to 136.60.

GBP/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	138.64
Today Daily Change	0.20
Today Daily Change %	0.14%
Today daily open	138.44

Trends
Daily SMA20	138.52
Daily SMA50	136.03
Daily SMA100	134.82
Daily SMA200	137.45

Levels
Previous Daily High	139.01
Previous Daily Low	138.29
Previous Weekly High	139.96
Previous Weekly Low	138.26
Previous Monthly High	139.21
Previous Monthly Low	132.95
Daily Fibonacci 38.2%	138.56
Daily Fibonacci 61.8%	138.73
Daily Pivot Point S1	138.15
Daily Pivot Point S2	137.86
Daily Pivot Point S3	137.43
Daily Pivot Point R1	138.87
Daily Pivot Point R2	139.3
Daily Pivot Point R3	139.59

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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