GBP/JPY Price Analysis: Pullback from 21-day SMA recalls sub-131.00 area


  • GBP/JPY remains on the back foot after reversing from the two-week top.
  • The weekly support line offers immediate rest.
  • Key Fibonacci retracements could question buyers beyond 21-day SMA.

Having failed to cross 21-day SMA during the previous day, GBP/JPY declines to 130.74 amid the Asian session on Thursday.

While a one-week-old rising trend line, currently at 130.25, followed by 130.00 round figure, offers immediate supports to the pair, 10-day SMA near 129.50 seems to be the near-term strong rest for the quote.

Should there be a clear downside below 129.50, GBP/JPY prices are less likely to wait before 127.00 whereas the monthly low near 124.00 could be on the bears’ radars afterward.

On the upside, a sustained break above 21-day SMA level of 133.40 will need validation from 50% and 61.8% Fibonacci retracements of the pair’s fall from February 21 to March 18, 2020, respectively around 134.50 and 137.00.

In a case where the pair manages to stay positive beyond 137.00, 138.60/70 could lure the bulls.

GBP/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 131.09
Today Daily Change 0.28
Today Daily Change % 0.21%
Today daily open 130.81
 
Trends
Daily SMA20 134.04
Daily SMA50 139.38
Daily SMA100 140.68
Daily SMA200 137.32
 
Levels
Previous Daily High 131.44
Previous Daily Low 127.93
Previous Weekly High 132.59
Previous Weekly Low 124.07
Previous Monthly High 144.96
Previous Monthly Low 137.53
Daily Fibonacci 38.2% 130.1
Daily Fibonacci 61.8% 129.27
Daily Pivot Point S1 128.68
Daily Pivot Point S2 126.55
Daily Pivot Point S3 125.18
Daily Pivot Point R1 132.19
Daily Pivot Point R2 133.57
Daily Pivot Point R3 135.69

 

 

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