GBP/JPY Price Analysis: Remains on the way up to 153.00


  • GBP/JPY stays mildly bid near intraday top, inside weekly rising channel.
  • Channel resistance, 200-SMA offers a tough nut to crack for the bulls.
  • Further gains envisioned on clear break of monthly descending trend line.

GBP/JPY remains on the front foot around 152.50, up 0.08% intraday, amid Wednesday’s Asian session. The cross-currency pair picks up bids inside a one-week-old ascending trend channel formation amid firmer RSI.

Even so, a convergence of the stated channel’s resistance line and 200-DMA, around 153.00, will challenge the pair’s further upside. Also acting as a barrier to the additional rise will be the RSI line as it inches closer to the overbought region.

If at all the quote successfully cross the 153.00 threshold, the mud-July top surrounding 153.50 and the monthly high surrounding 154.10 will be in focus.

Alternatively, pullback moves may levitate around a descending trend line from June 23, close to 152.10, a break of which will highlight the 152.00 round figure and the stated channel’s support line near 151.80 for the GBP/JPY bears to watch.

Should the pair sellers manage to conquer the 151.80 support, a downward trend to the early July’s swing low near 150.65 can’t be ruled out.

GBP/JPY: Four-hour chart.

Trend: Further upside expected

Additional important levels

Overview
Today last price 152.45
Today Daily Change 0.04
Today Daily Change % 0.03%
Today daily open 152.41
 
Trends
Daily SMA20 152.26
Daily SMA50 153.62
Daily SMA100 152.57
Daily SMA200 146.99
 
Levels
Previous Daily High 152.62
Previous Daily Low 151.58
Previous Weekly High 152.16
Previous Weekly Low 148.46
Previous Monthly High 155.94
Previous Monthly Low 151.32
Daily Fibonacci 38.2% 151.98
Daily Fibonacci 61.8% 152.22
Daily Pivot Point S1 151.78
Daily Pivot Point S2 151.16
Daily Pivot Point S3 150.74
Daily Pivot Point R1 152.83
Daily Pivot Point R2 153.25
Daily Pivot Point R3 153.87

 

 

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