GBP/JPY Price Analysis: Rises to test critical area at 156.00

Pound outperforms on Wednesday ahead of Bank of England announcement on Thursday.
Yen under pressure amid higher US yields.
GBP/JPY above the 20-SMA in 4-hour charts fails at 156.00.

Matías Salord FXStreet

The GBP/JPY gained momentum on Wednesday on the back of a stronger pound and a weak Japanese yen. The cross broke above 155.50 and jumped reaching at 155.90, a two-day high.

The rally lost momentum near 156.00 and the pound pulled back modestly. The intraday bias is still positive. GBP/HJPY is trading around two key levels: the 156.00 resistance and the 20-SMA in four-hour charts. If it manages to rise clear above 1256.00, the outlook would look brighter for the pound. The next resistance stands at 156.40.

If GBP/JPY is unable to regain 156.00 it will keep the cross in a bearish channel. A close below 155.00 should expose the weekly low at 154.62. Below the next support stands at 154.40.

GBP/JPY 4-hour chart

GBP/JPY

Overview
Today last price	155.83
Today Daily Change	0.70
Today Daily Change %	0.45
Today daily open	155.13

Trends
Daily SMA20	155.57
Daily SMA50	152.96
Daily SMA100	152.67
Daily SMA200	151.7

Levels
Previous Daily High	156.02
Previous Daily Low	154.67
Previous Weekly High	157.77
Previous Weekly Low	155.71
Previous Monthly High	158.22
Previous Monthly Low	149.23
Daily Fibonacci 38.2%	155.19
Daily Fibonacci 61.8%	155.51
Daily Pivot Point S1	154.52
Daily Pivot Point S2	153.92
Daily Pivot Point S3	153.17
Daily Pivot Point R1	155.88
Daily Pivot Point R2	156.63
Daily Pivot Point R3	157.23

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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