GBP/JPY Price Analysis: Hovers around 156.40s on risk-off impulse

GBP/JPY trimmed some of last Friday’s losses and reclaimed 156.00.
GBP/JPY Price Analysis: Failure to crack 157.00, to pave the way towards 155.00 and beyond.

Christian Borjon Valencia FXStreet

The British Pound (GBP) capped its two-day downfall and formed an inverted hammer nearly last week’s lows of 155.64, and rose above 156.00 on Monday. As the Tokyo session begins, the GBP/JPY is trading at 156.46, slightly below its opening price by 0.03%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY remains downward biased, although the cross formed a double bottom. However, oscillators like the Relative Strength Index (RSI) at bearish territory and the Rate of Change (RoC) suggest that sellers remain in charge, even though the pair’s corrected upwards.

If the GBP/JPY fails to clear 157.00, that will open the door for further losses. Hence, the GBP/JPY first support would be 156.00. The break above will send the GBP/JPY tumbling toward the YTD Low of 155.35, followed by 155.00.

On the flip side, the GBP/JPY first resistance would be the 157.00 figure. A breach of the latte would clear the way toward January’s 13 daily high of 158.02, followed by the 159.00 figure and the 20-day Exponential Moving Average (EMA) at 159.63.

GBP/JPY Key Technical Levels

GBP/JPY

Overview
Today last price	156.41
Today Daily Change	-0.05
Today Daily Change %	-0.03
Today daily open	156.46

Trends
Daily SMA20	159.86
Daily SMA50	164.01
Daily SMA100	164.18
Daily SMA200	163.65

Levels
Previous Daily High	158.08
Previous Daily Low	155.65
Previous Weekly High	161.24
Previous Weekly Low	155.65
Previous Monthly High	169.28
Previous Monthly Low	157.84
Daily Fibonacci 38.2%	156.58
Daily Fibonacci 61.8%	157.15
Daily Pivot Point S1	155.38
Daily Pivot Point S2	154.3
Daily Pivot Point S3	152.95
Daily Pivot Point R1	157.81
Daily Pivot Point R2	159.16
Daily Pivot Point R3	160.24

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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