GBP/JPY Price Analysis: looking for a push to reclaim 186.00

The GBP/JPY is seeing some pullback after failing to capture the 186.00 price level.
The Pound Sterling remains incredibly well-bid against the Yen, up nearly 2.5% in six trading days.
Bullish runs fueled by Yen weakness are sending the Guppy into ten-week highs.

Joshua Gibson FXStreet

The GBP/JPY is seeing a mild relief pullback towards the 185.00 price level after last week's runup in the pair sent the Guppy just shy of the 186.00 handle.

Monday's pullback sees the pair testing back towards the 50-hour Simple Moving Average (SMA) currently rising into 184.60. Intraday price action is getting snarled on the 21-hour Exponential Moving Average (EMA), and the near-term drop is set for a challenge of support from last Friday's late test into 185.00.

Daily candlesticks see the GBP/JPY continuing a top side break of a sideways pennant flag, and extension will see technical resistance challenges from August's late swing into chart territory just south of the 187.00 handle.

GBP/JPY Hourly Chart

GBP/JPY Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	185.16
Today Daily Change	0.30
Today Daily Change %	0.16
Today daily open	184.86

Trends
Daily SMA20	182.62
Daily SMA50	182.88
Daily SMA100	182.77
Daily SMA200	174.59

Levels
Previous Daily High	185.02
Previous Daily Low	183.23
Previous Weekly High	185.02
Previous Weekly Low	180.77
Previous Monthly High	184.33
Previous Monthly Low	178.08
Daily Fibonacci 38.2%	184.34
Daily Fibonacci 61.8%	183.91
Daily Pivot Point S1	183.72
Daily Pivot Point S2	182.58
Daily Pivot Point S3	181.93
Daily Pivot Point R1	185.51
Daily Pivot Point R2	186.16
Daily Pivot Point R3	187.3

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

AUD/USD bulls regain control above 0.6950 amid USD retreat

AUD/USD regains traction and extends the previous day's bounce from the weekly low, aiming for 0.7000 in Asia on Friday. The overnight pullback in US bond yields keeps the US Dollar below an 18-month high, which in turn offers some support to the pair. Meanwhile, hawkish RBA expectations also keep the major underpinned.

USD/JPY holds gains near 158.00 after Japan's weak Household Spending data

USD/JPY clings to gains around 158.00 after data showed on Friday that Japan's Household Spending fell for the ninth straight month, undermining the Japanese Yen. Meanwhile, the US Dollar remains depressed as the overnight fall in US bond yields counters a hawkish Fed and geopolitical uncertainties, could cap any downside in the pair.

Gold remains range-bound below $4,200

Gold has given up some ground after an initial bullish attempt to reach weekly highs, returning to below the $4,200 mark per troy ounce on Friday. The US Dollar’s strong upside momentum, combined with rising US Treasury yields across the curve, seems to keep further gains in the yellow metal under scrutiny.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

The Euro is not the sick man of Europe. France's bond market is

EUR/USD remains under pressure, near the 17-month low of 1.1161 reached on Monday. The pair has lost more than 7% since its yearly peak, as concerns over France's public finances increasingly weigh on the single currency. But behind the weakness of the Euro (EUR), the problem does not necessarily lie with the European economy as a whole.