GBP/JPY Price Analysis: Upside meets six-month-old resistance near 154.50


  • GBP/JPY edges higher following the previous session’s gain on Wednesday.
  • Multiple resistances near 154.45 offer a strong barrier for the bulls.
  • The momentum oscillator supports bullish momentum.

The GBP/JPY cross trades higher with a cautious tone in the early European trading hour. The pair books the gains for the fifth straight session. At the time of writing, the GBP/JPY cross-currency pair is trading at 154.48, up 0.02% on the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY cross currency pair has been trading in a broad trading range of 149.00 and 154.45 since late June. The current price action suggests difficulty for the GBP/JPY bulls near the strong resistance barrier around 154.50. Having said that, if the price breaks above the day’s high, then it could test the psychological 155.00 as the first upside target.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator holds the overbought zone. Any uptick in the MACD would bring the high of June 15  at 155.48 back into action followed by the 155.90 horizontal resistance level.

Alternatively, on the reverse side, the bears would meet the 153.68 horizontal support level and then move onto Monday’s low at 152.74.  A daily close below the 100-day Simple Moving Average (SMA) at 152.48 could bring the next stoppage at the 151.90 horizontal support zone.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price 154.47
Today Daily Change 0.08
Today Daily Change % 0.05
Today daily open 154.39
 
Trends
Daily SMA20 151.31
Daily SMA50 151.51
Daily SMA100 152.48
Daily SMA200 150.58
 
Levels
Previous Daily High 154.83
Previous Daily Low 153.69
Previous Weekly High 152.94
Previous Weekly Low 150.22
Previous Monthly High 152.85
Previous Monthly Low 148.96
Daily Fibonacci 38.2% 154.39
Daily Fibonacci 61.8% 154.12
Daily Pivot Point S1 153.77
Daily Pivot Point S2 153.16
Daily Pivot Point S3 152.63
Daily Pivot Point R1 154.92
Daily Pivot Point R2 155.45
Daily Pivot Point R3 156.07

 


 

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