• GBP/JPY refreshes intraday low but stays inside a one-week-old symmetrical triangle.
  • Preliminary readings of Q2 Japan GDP appeared softer-than-forecast but improved from prior readings.
  • 200-HMA restricts immediate upside but nearly oversold RSI hints at limited downside room.

GBP/JPY renews daily bottom near 161.60 after Japan’s Q2 GDP flashed softer than expected figures during the initial hour of Monday’s Asian session. Even so, the cross-currency pair remains inside a one-week-old symmetrical triangle, keeping the traders less interested despite the latest move.

That said, preliminary readings of Japan’s Q2 GDP appeared at 0.5% QoQ versus 0.6% expected and -0.1% prior. Further, the GDP Annualized eased below 2.5% expected to 2.2%, versus -0.5% prior.

It’s worth noting that the quote’s latest weakness also portrays the bear’s dominance below the 200-HMA, suggesting further downside.

However, the RSI (14) line is nearly oversold and the GBP/JPY appears close to the stated triangle’s support line, around 161.30, which in turn signals limited room to the south for the pair sellers to cheer.

In a case where GBP/JPY remains weak past 161.30, the 161.00 threshold and the monthly low of 159.44 will be in focus.

Alternatively, a successful break of the 200-HMA level surrounding 162.35 could propel the buyers towards the stated triangle’s upper line, at 163.25 by the press time.

Following that, the monthly peak of around 164.00 will be important to watch for GBP/JPY buyers.

GBP/JPY: Hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price 161.68
Today Daily Change -0.30
Today Daily Change % -0.19%
Today daily open 161.98
 
Trends
Daily SMA20 163.44
Daily SMA50 164.24
Daily SMA100 163.05
Daily SMA200 158.68
 
Levels
Previous Daily High 162.8
Previous Daily Low 161.81
Previous Weekly High 163.85
Previous Weekly Low 161.27
Previous Monthly High 166.34
Previous Monthly Low 160.4
Daily Fibonacci 38.2% 162.19
Daily Fibonacci 61.8% 162.42
Daily Pivot Point S1 161.59
Daily Pivot Point S2 161.21
Daily Pivot Point S3 160.6
Daily Pivot Point R1 162.59
Daily Pivot Point R2 163.19
Daily Pivot Point R3 163.58

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD falls below 1.0500 after US NFP data

EUR/USD falls below 1.0500 after US NFP data

EUR/USD dropped below 1.0450 but managed to stage a modest rebound. The US Dollar preserves its strength against its rivals and doesn't allow the pair to gain traction after the data from the US showed that Nonfarm Payrolls rose by 263,000 in November.

EUR/USD News

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD lost nearly 100 pips with the immediate reaction to the upbeat November jobs report from the US and broke below 1.2200. The US Dollar Index clings to strong daily gains above 105.00 after the data showed that Nonfarm Payrolls rose by 263,000.

GBPUSD News

Gold retreats below $1,790 as US yields surge on US NFP

Gold retreats below $1,790 as US yields surge on US NFP

Gold price turned south and dropped below $1,790 in the early American session. The benchmark 10-year US Treasury bond yield is up more than 2% on the day near 3.6% after the bigger-than-expected November job growth, weighing heavily on XAU/USD.

Gold News

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange, founded by Samuel Bankman-Fried (SBF), has consistently made headlines over the past month for its liquidity crisis and triggering a collapse in the crypto ecosystem.

Read more

AMC advances more than 3% in premarket day after being halted

AMC advances more than 3% in premarket day after being halted

AMC stock is up 3.4% in Friday's premarket just a day after authorities halted trading due to unusual volatility. Thursday saw options volume three times higher than the 20-day average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures