GBP/JPY Price Analysis: Previous support stops buyers from regaining 157.00

GBP/JPY pares intraday losses after early Asian pullback probed two-day uptrend.
Sustained trading above the key moving averages, firmer Momentum line keeps buyers hopeful.

Anil Panchal FXStreet

GBP/JPY braces for a three-day uptrend, battles support-turned-resistance around 156.90 by the press time of Thursday’s Asian session.

Given the quote’s successful trading above 50-SMA and 100-SMA, respectively around 156.50 and 155.75, GBP/JPY prices are likely to remain firmer. Also favoring the pair buyers is the recently upbeat Momentum line.

That said, the previous support line from January 24, close to 157.05, holds the key to the pair’s further upside towards the monthly high near 158.05.

Meanwhile, a downside break of the 100-SMA level near 155.75 will be crucial for GBP/JPY bears as it will direct them to the recent swing low around 155.30.

Following that, the 155.00 threshold and the monthly low of 154.50 should lure the pair sellers.

Overall, GBP/JPY remains in an upward trajectory towards refreshing the monthly top.

GBP/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	156.93
Today Daily Change	0.03
Today Daily Change %	0.02%
Today daily open	156.9

Trends
Daily SMA20	155.45
Daily SMA50	154.67
Daily SMA100	154.13
Daily SMA200	153.4

Levels
Previous Daily High	157.12
Previous Daily Low	156.36
Previous Weekly High	158.07
Previous Weekly Low	155.14
Previous Monthly High	157.77
Previous Monthly Low	152.91
Daily Fibonacci 38.2%	156.83
Daily Fibonacci 61.8%	156.65
Daily Pivot Point S1	156.47
Daily Pivot Point S2	156.03
Daily Pivot Point S3	155.7
Daily Pivot Point R1	157.23
Daily Pivot Point R2	157.55
Daily Pivot Point R3	157.99

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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