GBP/JPY Price Analysis: Upside move awaits bullish cross breakout near 150.50


  • GBP/JPY remains muted in the Asian session on Monday.
  • Multiple support near 149.20 keeps bulls hopeful.
  • A neutral MACD echoes the wait-and-watch approach before placing any aggressive bets.

The GBP/JPY cross maintained a subdued tone in the Asian session. The cross quickly moved higher after making intraday low near 150.16 only to confide in a narrow trading range. At the time of writing, the GBP/JPY cross-currency pair is trading at 150.43, up 0.02% on the day.

GBP/JPY daily chart

On the daily chart, after testing the high of 155.15 on June 23, the pair has been under persistent selling pressure. The descending trendline from the mentioned level acts as a defensive for the bull. The pair has a record of bouncing back from the 149.20 level in the past three-month. 

Having said that, GBP/JPY consolidates below the 21-day and 50-day Simple Moving Average (SMA) confirming the case for the continuation of the downside momentum. A break of the session’s low could pull off the trigger for the key 150.00 level. A daily close below 150.00, would ask for the 149.60 horizontal support level.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator is placed below  the midline. Any downtick in the MACD would bring the low of September 22 at 149.01 back into action.

Moving higher, prices would meet an interim hurdle at this Friday’s high of 150.95. A close above the 151.00 level could test the 50-day SMA at 151.50 followed by the 152.00 horizontal resistance zone.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price 150.35
Today Daily Change -0.04
Today Daily Change % -0.03
Today daily open 150.39
 
Trends
Daily SMA20 151.1
Daily SMA50 151.5
Daily SMA100 152.6
Daily SMA200 150.15
 
Levels
Previous Daily High 150.74
Previous Daily Low 149.23
Previous Weekly High 152.57
Previous Weekly Low 149.23
Previous Monthly High 152.85
Previous Monthly Low 148.96
Daily Fibonacci 38.2% 150.17
Daily Fibonacci 61.8% 149.81
Daily Pivot Point S1 149.5
Daily Pivot Point S2 148.61
Daily Pivot Point S3 147.99
Daily Pivot Point R1 151.01
Daily Pivot Point R2 151.63
Daily Pivot Point R3 152.52

 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD clings to modest daily gains near 1.1350 after US data

EUR/USD stays afloat in the positive territory near 1.1350 in the early American session as the greenback struggles to gather strength on retreating US T-bond yields. The data from the US revealed that Housing Starts and Building Permits rose by 1.4% and 9.1% on a yearly basis in December, respectively.

EUR/USD News

GBP/USD holds its ground in the positive territory above 1.3600

GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.

GBP/USD News

Gold: Bullish breakout exposes November monthly high at 1,877.15

Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. 

Gold News

Shiba Inu price has a good chance to surge to $0.000040

A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further. 

Read more

Microsoft bets big on Metaverse with $69bln deal for Activision Blizzard

The move will give the tech giant access to Activision’s 390 million monthly users and headline franchises such as Call of Duty, Warcraft and Candy Crush. Find out why Microsoft has made this move.

Read more

Forex MAJORS

Cryptocurrencies

Signatures