- Dragonfly doji surfaced as the GBP/JPY recovered from weekly lows around the mid-159/160 mark.
- GBP/JPY Price Analysis: Neutral to downward biased, but in the short term, it could test the 200-DMA.
The GBP/JPY is almost unchanged as the Asian session kicks in, though Wednesday’s session witnessed the cross falling to new weekly lows of 159.50. However, the GBP/JPY pair staged a comeback and formed a dragonfly doji, which suggests bulls are moving in. The GBP/JPY is trading at 160.50 at the time of writing.
GBP/JPY Price Analysis: Technical outlook
From a daily timeframe perspective, the GBP/JPY is still neutral-to-downward biased, with the exchange rate remaining below the trend-setter 200-day Exponential Moving Average (EMA) at 162.14, which is also above the 50-day EMA at 161.74. For the GBP/JPY to continue its downtrend, it would need to crack the 20-day EMA at 160.05, and then, the pair may pose a threat to break below the weekly low of 159.50.
As an alternate scenario, for the GBP/JPY bullish continuation, the pair needs to reclaim the psychological 161.00 figure. Break above will expose the 50-day EMA, followed by the 162.00 mark. Once broken, the bulls could challenge the 200-day EMA at 162.14.
GBP/JPY Key Technical Levels
|Today last price||160.61|
|Today Daily Change||0.06|
|Today Daily Change %||0.04|
|Today daily open||160.55|
|Previous Daily High||161.85|
|Previous Daily Low||159.99|
|Previous Weekly High||161.54|
|Previous Weekly Low||156.06|
|Previous Monthly High||169.28|
|Previous Monthly Low||157.84|
|Daily Fibonacci 38.2%||160.7|
|Daily Fibonacci 61.8%||161.14|
|Daily Pivot Point S1||159.75|
|Daily Pivot Point S2||158.94|
|Daily Pivot Point S3||157.89|
|Daily Pivot Point R1||161.6|
|Daily Pivot Point R2||162.65|
|Daily Pivot Point R3||163.46|
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