• 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.

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

 

 

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