GBP/JPY Price Analysis: Mildly bid above 166.00, 13-day-old hurdle eyed

GBP/JPY picks up bids to portray three-day uptrend.
Sustained break of weekly resistance line directs buyers towards a fortnight-old hurdle.
Convergence of the key SMAs, resistance-turned-support and an immediate upward sloping trend line highlight 165.40 as the key support.

Anil Panchal FXStreet

GBP/JPY refreshes intraday high near 166.40 during the third positive daily performance amid Tuesday’s Asian session.

In doing so, the cross-currency pair justifies the previous day’s upside break of a one-week-old resistance line amid sluggish MACD signals.

With this, the quote aims for a downward sloping trend line resistance from June 09, around 167.50.

However, the GBP/JPY pair’s upside past 167.50 will be challenged by the previous weekly top and the monthly high, respectively surrounding 167.90 and 168.75, before directing the advances toward the 170.00 psychological magnet.

Alternatively, pullback moves remain elusive until stay beyond the 165.40 support confluence, including the 50-SMA, 100-SMA and an ascending support line from June 23, not to forget the one-week-old previous resistance line.

In a case where the GBP/JPY prices decline below 165.40, the odds of witnessing a slump towards the 200-SMA level near 162.90 can’t be ruled out.

Overall, GBP/JPY has limited upside room but the bears will have a tough time until breaking 165.40.

GBP/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	166.39
Today Daily Change	0.24
Today Daily Change %	0.14%
Today daily open	166.15

Trends
Daily SMA20	165.02
Daily SMA50	162.87
Daily SMA100	160.34
Daily SMA200	157.03

Levels
Previous Daily High	166.54
Previous Daily Low	165.14
Previous Weekly High	167.86
Previous Weekly Low	164.48
Previous Monthly High	163.91
Previous Monthly Low	155.6
Daily Fibonacci 38.2%	166
Daily Fibonacci 61.8%	165.67
Daily Pivot Point S1	165.34
Daily Pivot Point S2	164.54
Daily Pivot Point S3	163.94
Daily Pivot Point R1	166.74
Daily Pivot Point R2	167.34
Daily Pivot Point R3	168.15

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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