GBP/JPY Price Analysis: Off session top, struggles between the key EMAs

GBP/JPY remains capped a range despite the recent pullback.
MACD teasing bulls, sustained trading above 61.8% Fibonacci retracement keep buyers hopeful.
50% Fibonacci retracement adds to the supports.

Anil Panchal FXStreet

GBP/JPY pulls back from the session tops near 134.10 to 133.75 just as Tokyo opens for Friday’s trading.

The pair stays between 200 and 100-bar EMAs so far during the week while it's sustained trading beyond 61.8% Fibonacci retracement of March month’s drop and MACD conditions seem to favor the buyers.

Even so, a sustained break of 200-bar EMA level of 134.80 becomes necessary for the bulls to aim for March 10 high surrounding 137.20.

On the downside, 61.8% Fibonacci retracement level of 133.10 and 100-bar EMA close to 132.85 could keep the sellers in check, if any.

In a case where the quote slips below 132.85, 50% Fibonacci retracement near 131.40 and 130.60/50 can entertain the bears.

GBP/JPY four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price	133.81
Today Daily Change	0.05
Today Daily Change %	0.04%
Today daily open	133.76

Trends
Daily SMA20	132.06
Daily SMA50	137.96
Daily SMA100	140.23
Daily SMA200	137.21

Levels
Previous Daily High	133.96
Previous Daily Low	132.54
Previous Weekly High	134.76
Previous Weekly Low	127.36
Previous Monthly High	139.19
Previous Monthly Low	124.07
Daily Fibonacci 38.2%	133.42
Daily Fibonacci 61.8%	133.08
Daily Pivot Point S1	132.88
Daily Pivot Point S2	132
Daily Pivot Point S3	131.46
Daily Pivot Point R1	134.3
Daily Pivot Point R2	134.84
Daily Pivot Point R3	135.71

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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