GBP/JPY Price Analysis: Unable to hold above 153.30, upside pressure eases

Pound hits fresh two-year highs versus yen and retreats.
GBP/JPY holds bullish bias but shows some signs of exhaustion.

Matías Salord FXStreet

The GBP/JPY climbed to 153.35, reaching a fresh two-year high. The cross then pulled back under the 153.20 area and the upside pressure eased. The pound needs to hold above 153.25/30 to clear the way to more gains. The next strong resistance emerges at 153.70/75 before the 154.oo zone.

The MACD suggests some weakness ahead for the pound, not necessarily a correction. It reduces the odds of a bullish acceleration.

The immediate support is seen at 152.80/90 (horizontal level / 21-SMA in 4-hour chart). A consolidation below should alleviate the positive momentum for the pound. Below the next level is 152.40/50 that, if broken, should point to a deeper correction and to a test of 152.00.

GBP/JPY four-hour chart

GBP/JPY

Overview
Today last price	153.08
Today Daily Change	-0.14
Today Daily Change %	-0.09
Today daily open	153.22

Trends
Daily SMA20	151.26
Daily SMA50	148.15
Daily SMA100	144.01
Daily SMA200	140.47

Levels
Previous Daily High	153.22
Previous Daily Low	152.7
Previous Weekly High	153.22
Previous Weekly Low	150.59
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	153.02
Daily Fibonacci 61.8%	152.9
Daily Pivot Point S1	152.87
Daily Pivot Point S2	152.53
Daily Pivot Point S3	152.36
Daily Pivot Point R1	153.39
Daily Pivot Point R2	153.56
Daily Pivot Point R3	153.9

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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