GBP/JPY Price Analysis: Support-turned-resistance tests bulls around 149.50

GBP/JPY struggles to keep corrective pullback from 11-week lows.
Bearish MACD signals, sustained trading below previous support keeps sellers hopeful.
Weekly resistance, 10-DMA add to the upside filters.

Anil Panchal FXStreet

GBP/JPY buyers battle short-term key resistance, previous support, while taking rounds to 149.50-60 ahead of Monday’s London open.

In doing so, the cross-currency pair keeps the bounce off September’s low amid nearly oversold RSI conditions.

Considering the bearish MACD signals and the pair’s failures to cross the previous support line, near 149.60 at the latest, GBP/JPY sellers are likely to keep the reins.

That said, September’s low of 148.95 and July’s trough close to 148.45 act as nearby supports to watch during the quote’s fresh downside.

Should the quote remain bearish past 148.45, the December 2019 peak of 147.95 will be important to watch.

Alternatively, a one-week-old descending trend line around 150.55 and the 10-DMA level of 151.35, add to the upside filters even if GBP/JPY manages to cross the immediate support-turned-resistance line surrounding 149.60.

In a case where the pair remains firmer past 151.35, early November’s low of 152.38 will be in focus.

GBP/JPY: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	149.53
Today Daily Change	0.23
Today Daily Change %	0.15%
Today daily open	149.3

Trends
Daily SMA20	152.53
Daily SMA50	153.63
Daily SMA100	152.57
Daily SMA200	152.51

Levels
Previous Daily High	150.76
Previous Daily Low	148.98
Previous Weekly High	151.93
Previous Weekly Low	148.98
Previous Monthly High	156.5
Previous Monthly Low	149.73
Daily Fibonacci 38.2%	149.66
Daily Fibonacci 61.8%	150.08
Daily Pivot Point S1	148.6
Daily Pivot Point S2	147.9
Daily Pivot Point S3	146.82
Daily Pivot Point R1	150.38
Daily Pivot Point R2	151.46
Daily Pivot Point R3	152.16

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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