GBP/JPY Price Analysis: Key SMAs probe six-day downtrend near monthly low

GBP/JPY remains on the back foot for the sixth consecutive day, fades Monday’s corrective pullback.
Convergence of 50-DMA, 100-DMA challenges immediate declines ahead of 200-DMA.
Bearish MACD signals keep sellers hopeful, two-week-old descending trend line becomes crucial resistance.

Anil Panchal FXStreet

GBP/JPY takes offers around 153.30, down 0.27% intraday to portray six-day declines during early Tuesday.

In doing so, the cross-currency pair jostles with the 100-DMA and 50-DMA while reversing the late Monday’s rebound from the one-month low.

Given the bearish MACD and failures to keep the bounce off 152.90, GBP/JPY prices are likely to remain pressured. However, a daily closing below the 200-DMA level of 153.00 becomes necessary for the pair sellers to remain in the driver’s seat.

Following that, the early November 2021 low near 152.40 and 23.6% Fibonacci retracement (Fibo.) of November-December downside, near 151.15, will be in focus.

Alternatively, recovery moves may initially aim for the 61.8% Fibo. level of 154.70.

However, GBP/JPY bulls remain unconvinced til the quote stays below a downward sloping resistance line from January 12, near 155.30.

Overall, GBP/JPY sellers keep the reins but further downside becomes doubtful.

GBP/JPY: Daily chart

Trend: Recovery moves expected

Additional important levels

Overview
Today last price	153.31
Today Daily Change	-0.42
Today Daily Change %	-0.27%
Today daily open	153.73

Trends
Daily SMA20	155.91
Daily SMA50	153.43
Daily SMA100	153.36
Daily SMA200	153.05

Levels
Previous Daily High	154.49
Previous Daily Low	152.91
Previous Weekly High	156.91
Previous Weekly Low	153.92
Previous Monthly High	156.02
Previous Monthly Low	148.98
Daily Fibonacci 38.2%	153.51
Daily Fibonacci 61.8%	153.89
Daily Pivot Point S1	152.93
Daily Pivot Point S2	152.13
Daily Pivot Point S3	151.34
Daily Pivot Point R1	154.51
Daily Pivot Point R2	155.29
Daily Pivot Point R3	156.09

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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