GBP/JPY Price Analysis: The British pound reclaims the 153.00 despite losing in the day

GBP/JPY printed a daily low at 152.81, but late in the New York session bounced off, reclaiming 153.00.
GBP/JPY: In the near term, the trend is tilted to the downside but found strong support around 153.00.

Christian Borjon Valencia FXStreet

The British pound recovered some ground on Friday, as the New York session finished, trading at 153.12, down 0.29% at the time of writing. The New York session ended with an upbeat market mood, as portrayed by US stock indices, rising between 0.08% and 0.56%.

On Friday, the GBP/JPY pair reached a daily low at 152.81, but the Sterling pound recovered some losses as the American session progressed, trimming some losses, and the GBP/JPY bulls reclaimed the 153.00 level.

GBP/JPY Price Forecast: Technical outlook

Daily chart

The GBP/JPY Friday’s price action witnessed the pair breaking the 50-day moving average (DMA) to the downside, as the 50-DMA sits at 153.14, leaving GBP bulls at risk. The positive out of the drop in the day is that the 100-DMA was not at risk, but if the GBP/JPY selling pressure continues to mount, it could be broken, exposing the 152.00 psychological support level.

For GBP/JPY bulls to reclaim the near-term control, they will need to reclaim the 50-DMA so that they can challenge the psychological 154.00. In the case of that outcome, the following supply zone would be 156.00.

GBP/JPY TECHNICAL SUPPORT/RESISTANCE LEVELS

Overview
Today last price	153.12
Today Daily Change	-0.45
Today Daily Change %	-0.29
Today daily open	153.57

Trends
Daily SMA20	155.88
Daily SMA50	153.11
Daily SMA100	152.69
Daily SMA200	151.82

Levels
Previous Daily High	156.25
Previous Daily Low	153.12
Previous Weekly High	157.77
Previous Weekly Low	155.71
Previous Monthly High	158.22
Previous Monthly Low	149.23
Daily Fibonacci 38.2%	154.32
Daily Fibonacci 61.8%	155.06
Daily Pivot Point S1	152.38
Daily Pivot Point S2	151.19
Daily Pivot Point S3	149.26
Daily Pivot Point R1	155.51
Daily Pivot Point R2	157.44
Daily Pivot Point R3	158.63

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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