GBP/JPY Price Analysis: Steps back from 50-day EMA amid fresh JPY strength


  • GBP/JPY stays pressured after reversing from one-week high of 133.95.
  • 61.8% Fibonacci retracement, monthly horizontal support on the bears’ radars.
  • Mid-June top could lure the bulls during the fresh upside.

GBP/JPY prints 0.30% loss while taking a U-turn from the weekly top to 133.40 during the early Wednesday’s trading. In doing so, the pair respects 50-day EMA amid bearish MACD signals.

Hence, sellers are more inclined to revisit 61.8% Fibonacci retracement of May-June upside, at 133.30, as immediate support. However, a horizontal area comprising the lows marked since late-May, around 131.80/75, might offer a strong hurdle to further downside.

If at all the bears refrain from respecting 131.75 rest-point, May 22 low near 130.65 and 130.00 round-figure could offer intermediate halts during the south-run to May month’s low of 129.32.

On the flip side, a daily closing past-50-day EMA level of 133.89 can renew the pair’s upside attempt towards 50% Fibonacci retracement, at 134.53.

Should bulls manage to dominate successfully past-134.53, June 16 high close to 136.35/40 might become their favorite.

GBP/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 133.38
Today Daily Change -0.47
Today Daily Change % -0.35%
Today daily open 133.85
 
Trends
Daily SMA20 134.75
Daily SMA50 133.34
Daily SMA100 134.62
Daily SMA200 137.58
 
Levels
Previous Daily High 133.89
Previous Daily Low 132.02
Previous Weekly High 133.99
Previous Weekly Low 131.77
Previous Monthly High 139.74
Previous Monthly Low 131.77
Daily Fibonacci 38.2% 133.18
Daily Fibonacci 61.8% 132.74
Daily Pivot Point S1 132.62
Daily Pivot Point S2 131.39
Daily Pivot Point S3 130.75
Daily Pivot Point R1 134.49
Daily Pivot Point R2 135.12
Daily Pivot Point R3 136.36

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures