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

 

 

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