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GBP/JPY Price Analysis: Losses contained while above 154.80

  • GBP/JPY finds support again 154.80, area reinforced by uptrend line.
  • Pound needs to recover 155.50 to gain momentum.

The GBP/JPY continues to move with a bullish bias, but in the short term, the momentum eased. The pound needs to recover above 155.50 (horizontal resistance and 20-SMA in four hours chart) to gain momentum and point to a potential test of the 156.00 area.

The current correction from multi-year highs is being limited for now. A critical level is 154.80. A firm break below would suggest more losses ahead, with an immediate target at 154.40. Below, the next strong support stands at 153.60. With price under 155.50, the odds of another test of 154.80 remain elevated.

In the broader picture, while above 145.50/70 (long-term uptrend line) the outlook will remain constructive for the pound.

GBP/JPY 4-hour chart

gbpjpy

GBP/JPY

Overview
Today last price155.37
Today Daily Change0.41
Today Daily Change %0.26
Today daily open154.96
 
Trends
Daily SMA20154.05
Daily SMA50152.22
Daily SMA100149.4
Daily SMA200143.75
 
Levels
Previous Daily High155.94
Previous Daily Low154.86
Previous Weekly High156.08
Previous Weekly Low153.77
Previous Monthly High156.08
Previous Monthly Low150.93
Daily Fibonacci 38.2%155.27
Daily Fibonacci 61.8%155.53
Daily Pivot Point S1154.57
Daily Pivot Point S2154.18
Daily Pivot Point S3153.49
Daily Pivot Point R1155.64
Daily Pivot Point R2156.33
Daily Pivot Point R3156.72

Author

Matías Salord

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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