GBP/JPY Price Analysis: Pullback battles intermediate support below 151.00

GBP/JPY fades Friday’s recovery moves, mildly offered by the press time.
100-SMA tests immediate downside, a confluence of 200-SMA and 61.8% Fibonacci retracement becomes the key.
Two-week-old horizontal area adds to the upside filters.

Anil Panchal FXStreet

GBP/JPY bears attack 100-SMA while declining to 150.90, down 0.17% intraday, ahead of Monday’s European session. In doing so, the quote fades Friday’s run-up but stays bullish amid strong RSI.

However, an upside clearance of the latest high near 151.55 becomes necessary for the GBP/JPY prices before recalling the buyers.

Following that a horizontal area comprising multiple tops marked since March 12, around 152.20 will be in the spotlight as a break of which could refresh monthly top past-152.55.

Meanwhile, a downside break of 100-SMA level of 15.86 can drag GBP/JPY to 50% Fibonacci retracement level of February 26 to March 18 upside, around 150.00.

Though, GBP/JPY bears will have a tough time breaking 149.40-35 support confluence as it comprises 200-SMA and 61.8% Fibonacci retracement level.

Overall, GBP/JPY looks set to refresh the monthly top but the current pullback may revisit the key support if breaking immediate rest-point.

GBP/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	150.92
Today Daily Change	-0.24
Today Daily Change %	-0.16%
Today daily open	151.16

Trends
Daily SMA20	150.53
Daily SMA50	147.09
Daily SMA100	143.33
Daily SMA200	139.98

Levels
Previous Daily High	151.55
Previous Daily Low	149.89
Previous Weekly High	151.55
Previous Weekly Low	148.53
Previous Monthly High	150.45
Previous Monthly Low	142.84
Daily Fibonacci 38.2%	150.92
Daily Fibonacci 61.8%	150.53
Daily Pivot Point S1	150.18
Daily Pivot Point S2	149.21
Daily Pivot Point S3	148.53
Daily Pivot Point R1	151.84
Daily Pivot Point R2	152.52
Daily Pivot Point R3	153.49

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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