• 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.

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

 

 

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