GBP/JPY Price Analysis: Pokes 13-day-old resistance around 154.00

GBP/JPY extends Monday’s gains to refresh intraday high.
Firmer RSI suggests additional upside, 200-SMA challenges the bulls.
Sellers need validation from monthly low, early September’s highs.

Anil Panchal FXStreet

GBP/JPY picks up bids to refresh intraday top near 154.00, up 0.18% on a day during early Tuesday.

That said, the cross-currency pair consolidated Friday’s heavy losses the previous day while the latest recovery moves challenge a downward sloping trend line from November 03.

Given the firmer RSI line, the pair buyers are likely to overcome the immediate hurdle around 154.10. However, the 200-SMA level of 154.90 will be a tough nut to crack for the GBP/JPY bulls afterward.

Even if the quote rises past 154.90, the 155.00 threshold and 61.8% Fibonacci retracement of October-November downside, around 156.00, will challenge additional upside.

On the flip side, pullback moves may retest the 153.00 round figure ahead of challenging the monthly low near 152.40.

Should GBP/JPY bears dominate past 152.40, multiple levels marked during early September around 152.20-25, followed by the 152.00 psychological magnet, will question the further downside.

GBP/JPY: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	154.06
Today Daily Change	0.26
Today Daily Change %	0.17%
Today daily open	153.8

Trends
Daily SMA20	154.34
Daily SMA50	153.48
Daily SMA100	152.65
Daily SMA200	152.36

Levels
Previous Daily High	154.06
Previous Daily Low	153.13
Previous Weekly High	154.75
Previous Weekly Low	152.52
Previous Monthly High	158.22
Previous Monthly Low	149.23
Daily Fibonacci 38.2%	153.71
Daily Fibonacci 61.8%	153.49
Daily Pivot Point S1	153.26
Daily Pivot Point S2	152.73
Daily Pivot Point S3	152.33
Daily Pivot Point R1	154.2
Daily Pivot Point R2	154.6
Daily Pivot Point R3	155.13

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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