GBP/JPY Price Analysis: Oscillates around 166.11 amid a risk-off impulse

GBP/JPY erases some of its gains, set to finish the week with more than 3% gains.
GBP/JPY traders mainly ignored UK’s political turmoil.
The cross-currency is range-bound, as depicted by the one-hour chart.

Christian Borjon Valencia FXStreet

The GBP/JPY trims some of its Thursday’s losses but remains nearby weekly highs at around the 166.00 area, despite UK’s political turmoil, weighing on the GBP/USD, the GBP/JPY continues to hold to gains due to the Bank of Japan dovish stance. Therefore, the GBP/JPY is trading at 166.16, below its opening price by 0.33%.

GBP/JPY Price Forecast

The GBP/JPY daily chart was unchanged compared to Thursday, though it should be noted that the exchange rate is above the October 5 high of 165.71, which could keep the GBP/JPY trading within the 165.71-167.27 range. Oscillators remain in positive territory, keeping the neutral-to-upward bias intact, though a break above 167.27 would pave the path to 167.94, ahead of challenging the YTD high at 168.73.

The GBP/JPY one-hour scale portrays the pair consolidating between the 20 and 50-EMAs, while the Relative Strength Index (RSI) is almost flat but at bullish territory. Upwards, the first resistance would be the 20-EMA at 166.42, followed by the daily high at 167.21, ahead of the 168.00 figure.

On the other hand, the GBP/JPY first support would be the daily pivot at 165.45, immediately followed by the 50-EMA at 165.27. Once that 18-pip area cleared, the GBP/JPY could tumble to the 165.00 area, followed by the S1 pivot at 163.59.

GBP/JPY Key Technical Levels

GBP/JPY

Overview
Today last price	166.12
Today Daily Change	-0.67
Today Daily Change %	-0.40
Today daily open	166.79

Trends
Daily SMA20	161.24
Daily SMA50	162.28
Daily SMA100	163.24
Daily SMA200	160.78

Levels
Previous Daily High	167.29
Previous Daily Low	162.33
Previous Weekly High	165.72
Previous Weekly Low	160.58
Previous Monthly High	167.22
Previous Monthly Low	148.8
Daily Fibonacci 38.2%	165.4
Daily Fibonacci 61.8%	164.22
Daily Pivot Point S1	163.65
Daily Pivot Point S2	160.5
Daily Pivot Point S3	158.68
Daily Pivot Point R1	168.61
Daily Pivot Point R2	170.44
Daily Pivot Point R3	173.58

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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