GBP/JPY Price Analysis: Tumbles below the 162.00 figure on risk aversion

Drops below the 20-day EMA at 162.01 after hitting a daily high at 162.59.
GBP/JPY’s failure to break below 161.23, opened the door for further buying pressure.

Christian Borjon Valencia FXStreet

The GBP/JPY is subdued as Wednesday’s Asian Pacific session begins, trading within familiar levels, unable to break above/below the 160.80-162.83 region for nine consecutive days. At the time of writing, the GBP/JPY is trading at 161.76, below the 20-day EMA.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY daily chart illustrates the 162.80 resistance as a solid supply zone, ahead of the 100 and the 50-day EMAs, each at 162.98 and 163.23, respectively. Also, the Relative Strength Index (RSI) slope is horizontal, further cementing the pair’s consolidation for the last 14 days.

If the GBP/JPY breaks above 162.80, it will expose the 100 and 50-day EMAs on the upper side. Once cleared, the next stop will be a three-month-old downslope trendline, drawn from the YTD highs around 168.00, which passes around the 163.70 area, ahead of the 164.00 mark.

On the other hand, the GBP/JPY’s first support would be the August 23 daily low at 161.82, followed by the 161.00 mark, followed by the August 16 low at 160.08.

GBP/JPY Key Technical Level

GBP/JPY

Overview
Today last price	161.76
Today Daily Change	-0.69
Today Daily Change %	-0.42
Today daily open	162.43

Trends
Daily SMA20	162.16
Daily SMA50	163.53
Daily SMA100	163.1
Daily SMA200	159.15

Levels
Previous Daily High	162.65
Previous Daily Low	161.38
Previous Weekly High	162.69
Previous Weekly Low	160.8
Previous Monthly High	166.34
Previous Monthly Low	160.4
Daily Fibonacci 38.2%	162.16
Daily Fibonacci 61.8%	161.86
Daily Pivot Point S1	161.65
Daily Pivot Point S2	160.88
Daily Pivot Point S3	160.38
Daily Pivot Point R1	162.93
Daily Pivot Point R2	163.43
Daily Pivot Point R3	164.2

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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