GBP/JPY Price Analysis: Sellers eye 156.00 on bearish Doji below 200-HMA

GBP/JPY extends pullback from daily top after flashing bearish candlestick on the hourly chart.
Failures to cross 200-HMA, weekly resistance line add to the bearish bias.
50-HMA offers immediate support ahead of 23.6% Fibonacci retracement.

Anil Panchal FXStreet

GBP/JPY remains on the back foot around 156.60, paring intraday gains with the latest U-turn from 156.91 during early Tuesday morning in London.

The pair justifies technical signals to return to the seller’s desk, despite printing mild intraday gains by the press time.

Among them, a bearish Doji candlestick below the 200-HMA and a descending resistance line from January 12, not to forget the steady Momentum line, play their roles.

That said, the GBP/JPY prices currently drop towards 50-HMA level near 156.30 while 23.6% Fibonacci retracement (Fibo.) of January 12-14 declines, near 156.00, will challenge the pair bears afterward.

In a case where the pair remains bearish past 156.00, the monthly low near 155.45 will be on the cards.

Alternatively, a clear upside break of the 200-HMA level of 156.77 will direct GBP/JPY prices towards the 157.00 threshold.

Following that, 154.45 and the monthly peak of 157.76 should lure the GBP/JPY buyers before directing them to the 2021 high near 158.22.

GBP/JPY: Hourly chart

Trend: Further declines expected

Additional important levels

Overview
Today last price	156.62
Today Daily Change	0.24
Today Daily Change %	0.15%
Today daily open	156.38

Trends
Daily SMA20	155.45
Daily SMA50	153.23
Daily SMA100	153.21
Daily SMA200	152.94

Levels
Previous Daily High	156.72
Previous Daily Low	156.1
Previous Weekly High	157.71
Previous Weekly Low	155.46
Previous Monthly High	156.02
Previous Monthly Low	148.98
Daily Fibonacci 38.2%	156.48
Daily Fibonacci 61.8%	156.33
Daily Pivot Point S1	156.08
Daily Pivot Point S2	155.77
Daily Pivot Point S3	155.45
Daily Pivot Point R1	156.71
Daily Pivot Point R2	157.03
Daily Pivot Point R3	157.33

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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