GBP/JPY Price Analysis: Retreats from 100-DMA near 163.00

GBP/JPY pares the biggest daily gains in a fortnight near the weekly top.
Bullish MACD signals keep buyers hopeful unless prices break 13-day-old support line.
Monthly resistance line adds to the upside filters.

Anil Panchal FXStreet

GBP/JPY bulls take a breather after printing the biggest daily jump in two weeks, retreating to 162.85 during Thursday’s Asian session.

In doing so, the cross-currency pair reverses from the 100-DMA but stays above the key Fibonacci retracement level of the quote’s June-September moves, as well as an important support line stretched from September 26, amid bullish MACD signals.

With this, buyers are likely to keep the reins unless the quote breaks the aforementioned support line, around 160.70 by the press time. However, the latest pullback can retest the 61.8% Fibonacci retracement level of 161.10.

Also acting as a downside filter is the weekly low around 159.75 and the 50% Fibonacci retracement level of 158.75.

Alternatively, an upside clearance of the 100-DMA hurdle, close to 163.20 at the latest, could propel the GBP/JPY prices towards a one-month-long resistance line near 164.80.

Should the bulls keep reins past 164.80, the odds of witnessing a fresh high, currently around 165.75, can’t be ruled out.

Overall, GBP/JPY witnesses a pullback but remains on the bull’s radar.

GBP/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	162.89
Today Daily Change	2.91
Today Daily Change %	1.82%
Today daily open	159.98

Trends
Daily SMA20	161.24
Daily SMA50	162.17
Daily SMA100	163.14
Daily SMA200	160.7

Levels
Previous Daily High	162.68
Previous Daily Low	159.73
Previous Weekly High	165.72
Previous Weekly Low	160.58
Previous Monthly High	167.22
Previous Monthly Low	148.8
Daily Fibonacci 38.2%	160.86
Daily Fibonacci 61.8%	161.55
Daily Pivot Point S1	158.92
Daily Pivot Point S2	157.85
Daily Pivot Point S3	155.97
Daily Pivot Point R1	161.86
Daily Pivot Point R2	163.75
Daily Pivot Point R3	164.81

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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