GBP/JPY Price Analysis: Pierces 200-HMA as BOJ leaves monetary policy unchanged

GBP/JPY prints three-day uptrend despite the latest pullback from intraday high.
Immediate support line, bullish MACD signals and BOJ’s inaction together help buyers.
Sellers have a bumpy road to travel before taking control.

Anil Panchal FXStreet

GBP/JPY reverses the knee-jerk reaction to the Bank of Japan’s (BOJ) monetary policy meeting while staying firmer around 164.60 during Friday’s Asian session. In doing so, the cross-currency pair rises for the third consecutive day as buyers poke the 200-HMA hurdle.

In addition to the BOJ’s refrain from following the major central banks, bullish MACD signals and upward sloping trend line from Thursday’s low also keep GBP/JPY buyers hopeful.

Read: BOJ leaves unchanged its guidance on policy bias, maintains dovish rhetoric

That said, a clear upside break of the 200-HMA level surrounding 165.10 appears necessary for the bulls to keep reins.

Also challenging the immediate advance is the 61.8% Fibonacci retracement of the June 09-16 downtrend.

Following that, a run-up towards the monthly peak of 168.73, as well as the 170.00 threshold, can’t be ruled out.

On the contrary, pullback moves remain elusive until the quote stay beyond the aforementioned support line, near 164.00 by the press time.

In a case where GBP/JPY remains pressured after 164.00, multiple supports around 163.80, 162.30 and 161.40 could challenge the pair’s further downside.

GBP/JPY: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	164.59
Today Daily Change	1.27
Today Daily Change %	0.78%
Today daily open	163.32

Trends
Daily SMA20	162.94
Daily SMA50	162.57
Daily SMA100	159.58
Daily SMA200	156.51

Levels
Previous Daily High	163.8
Previous Daily Low	160
Previous Weekly High	168.74
Previous Weekly Low	162.91
Previous Monthly High	163.91
Previous Monthly Low	155.6
Daily Fibonacci 38.2%	162.35
Daily Fibonacci 61.8%	161.45
Daily Pivot Point S1	160.95
Daily Pivot Point S2	158.58
Daily Pivot Point S3	157.16
Daily Pivot Point R1	164.75
Daily Pivot Point R2	166.17
Daily Pivot Point R3	168.54

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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