GBP/JPY Price Analysis: Mildly bid near 39-month high on the way to 155.50

GBP/JPY stays on the front foot near February 2018 top.
Bullish MACD, sustained break of previous key hurdle back the bulls.
61.8% FE lure buyers, bumpy road for the bears.

Anil Panchal FXStreet

GBP/JPY remains strong near 153.85-90, up 0.15% intraday, amid Tuesday’s Asian session. The pair refreshed the multi-month top by crossing April’s top the previous day.

Given the strong MACD and a sustained breakout of the key hurdle, now support, GBP/JPY remains on the bull’s radar unless dropping back below April’s high near 153.35.

Even if the quote slips beneath the 153.35 immediate support, multiple tops marked since March 12 around 152.40-35 can test the sellers before dragging them to a two-week-old rising trend line, near 151.65.

Alternatively, Monday’s peak surrounding the 154.00 and late January 2018 highs close to 154.60 may act as nearby resistance during the quote’s further upside.

However, major attention will be given to the 61.8% Fibonacci Expansion (FE) of the pair’s run-up from February, also considering the April month’s fall, near 155.50.

GBP/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	153.86
Today Daily Change	0.22
Today Daily Change %	0.14%
Today daily open	153.64

Trends
Daily SMA20	151.05
Daily SMA50	151.02
Daily SMA100	147.14
Daily SMA200	142.51

Levels
Previous Daily High	154.03
Previous Daily Low	151.98
Previous Weekly High	152.24
Previous Weekly Low	150.93
Previous Monthly High	153.42
Previous Monthly Low	149.06
Daily Fibonacci 38.2%	153.25
Daily Fibonacci 61.8%	152.76
Daily Pivot Point S1	152.4
Daily Pivot Point S2	151.17
Daily Pivot Point S3	150.36
Daily Pivot Point R1	154.45
Daily Pivot Point R2	155.26
Daily Pivot Point R3	156.49

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.

AUD/USD pulls back from monthly high but holds above 0.7000

AUD/USD retreats from the monthly high set earlier this Thursday, sliding back to 0.7000 during the Asian session as a further escalation of tensions in the Middle East undermines the risk-sensitive Aussie. However, recent hawkish comments from RBA officials could support the Australian Dollar. Furthermore, the prevailing US Dollar selling bias, despite Fed hike bets and geopolitical uncertainties, could limit losses for the pair.

USD/JPY declines to a one-week low; eyes trading range support near 157.50 on weaker USD

USD/JPY drops to a one-week low during Thursday’s Asian session, with bears now awaiting a break below multi-week range support near mid-157.00s before placing fresh bets amid a broadly weaker US Dollar. Despite bets for a December Fed rate hike and Middle East jitters, the recent decline in US bond yields keeps USD depressed near a three-week low. Moreover, hawkish BoJ expectations and intervention risks underpin the Japanese Yen, further weighing on the currency pair.

Gold sinks to over two-month low as higher-for-longer interest rate expectations weigh

Gold (XAU/USD) slips below $4,100 on Thursday as the US Dollar (USD) rebounds, while energy-driven inflation concerns from Middle East tensions reinforce expectations that interest rates will remain elevated longer.

Dogecoin stays weak despite whales and new deal

Dogecoin price remains under pressure, trading below $0.081 despite a modest rebound earlier this week. Santiment data shows signs of accumulation, and Wednesday’s announcement of a Dogecoin Labs partnership with the Dogecoin Foundation adds a mildly bullish sentiment. Meanwhile, mixed derivatives metrics and weakening momentum indicators continue to limit the meme coin recovery.

3 Gold forecasts at $4,100: A bullish Arc rejection, a bearish Fed setup and a festival tiebreaker

Gold (XAU/USD) is trading near $4,100, and the three latest analyses cannot agree on what the level means: one sees the bounce from support as confirmation of a potential push toward $4,227, another argues every rally is vulnerable while price sits under its 20-day EMA, and the third points to India's Diwali buying season as the physical test about to meet the market.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.