GBP/JPY Price Analysis: Mildly offered around 153.00, teases triangle breakdown

GBP/JPY fails to keep bounce off intraday low.
Key HMAs, weekly support line add to the downside filter.
Bulls have fewer hurdles before reaching the 154.00 threshold.
Normal RSI conditions, sustained trading beyond key supports favor buyers.

Anil Panchal FXStreet

GBP/JPY fades pullback from intraday low while easing to 153.05 during early Monday. In doing so, the quote drops 0.10% while staying inside a two-day-old ascending triangle bearish formation.

Even if the pair’s failures to hold the latest recovery and a bearish chart pattern keep GBP/JPY sellers hopeful, strong supports stand tall to test the bears.

Among them, 50-HMA and an ascending trend line from March 29, respectively around 152.90 and 152.65, are the initial challenges for the pair’s further declines. 100-HMA level of 152.42 also acts as a downside filter.

Should the quote stays offered below 100-HMA, highs marked during March 29-30 near 151.80 will be in the spotlight.

Meanwhile, an upside clearance of the stated triangle’s resistance line, near 153.25, will propel the GBP/JPY prices towards the April 2018 high of 153.85.

If at all GBP/JPY buyers remain dominant past-153.85, the 154.00 will become their favorites.

GBP/JPY hourly chart

Trend: Pullback expected

additional important levels

Overview
Today last price	153.06
Today Daily Change	-0.16
Today Daily Change %	-0.10%
Today daily open	153.22

Trends
Daily SMA20	151.26
Daily SMA50	148.15
Daily SMA100	144.01
Daily SMA200	140.47

Levels
Previous Daily High	153.22
Previous Daily Low	152.7
Previous Weekly High	153.22
Previous Weekly Low	150.59
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	153.02
Daily Fibonacci 61.8%	152.9
Daily Pivot Point S1	152.87
Daily Pivot Point S2	152.53
Daily Pivot Point S3	152.36
Daily Pivot Point R1	153.39
Daily Pivot Point R2	153.56
Daily Pivot Point R3	153.9

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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