GBP/JPY Price Analysis: Pierces 50-HMA to snap three-day losing streak above 160.00

GBP/JPY picks up bids to refresh intraday high, prints the first daily gain in four.
Clear break of immediate descending trend line, 50-HMA favor buyers.
Upbeat oscillators add strength to bullish bias targeting 200-HMA.

Anil Panchal FXStreet

GBP/JPY renews intraday high near 160.35 as bulls return to the table amid early Monday in London, after a three-day absence. In doing so, the quote pierces 50-Hour Moving Average (HMA) in an attempt to please the buyers.

That said, the cross-currency pair’s latest rebound could be linked to the quote’s successful break of a downward-sloping resistance line from the last Wednesday. Adding strength to the upside bias are the bullish MACD signals and ascending RSI (14) line, not overbought.

Although the GBP/JPY buyers are likely to keep the reins, at least for a while, the 200-HMA hurdle surrounding 161.10 holds the key for the pair’s further upside.

Following that, the previous weekly top and the monthly high, respectively around 163.35 and 164.25, could lure the bulls.

Meanwhile, the 160.00 psychological magnet limits the immediate downside of the GBP/JPY price ahead of the resistance-turned-support line of around 159.50.

Should the cross-currency pair slip beneath the 159.50 mark, the monthly low of 158.27, marked the previous day, may lure the GBP/JPY bears.

To sum up, GBP/JPY is likely to rise further but the pair’s upside past 200-HMA needs strong catalysts to convince bulls.

GBP/JPY: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	160.33
Today Daily Change	0.43
Today Daily Change %	0.27%
Today daily open	159.9

Trends
Daily SMA20	162.26
Daily SMA50	161.05
Daily SMA100	162.53
Daily SMA200	163.25

Levels
Previous Daily High	160.86
Previous Daily Low	158.27
Previous Weekly High	163.34
Previous Weekly Low	158.27
Previous Monthly High	166.01
Previous Monthly Low	156.73
Daily Fibonacci 38.2%	159.26
Daily Fibonacci 61.8%	159.87
Daily Pivot Point S1	158.49
Daily Pivot Point S2	157.09
Daily Pivot Point S3	155.91
Daily Pivot Point R1	161.08
Daily Pivot Point R2	162.26
Daily Pivot Point R3	163.67

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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