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.

GBP/USD extends recovery, trades above 1.3200

GBP/USD holds on to modest gains above 1.3200 on Friday, building on gains seen in the previous day. Still, Cable struggles to build on its recovery as cautious market sentiment keeps investors focused on the US-Iran conflict and ongoing volatility in global technology stocks.

EUR/USD pops to daily highs near 1.1420

EUR/USD extends Thursday's recovery and climbs past the 1.1400 yardstick at the end of the week. The pair’s recovery comes as the US Dollar remains on the back foot, while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold advances to two-day highs, targets $4,100

Gold trades in a tight range above $4,000 per troy ounce on Friday, adding to the recent recovery. The precious metal, however, finds it difficult to attract fresh buyers as expectations for a hawkish Fed continue to strengthen.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

The Mag 7 trade is ending – The AI cash-flow divorce is just beginning

The AI boom is not weakening. The market is simply becoming less willing to reward companies for writing ever-larger infrastructure cheques without a clearer cash-return timetable. Microsoft, Amazon, Alphabet and Meta are becoming the financing arm of the AI cycle, while chips, memory, networking and power infrastructure increasingly look like the early cash beneficiaries.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.