GBP/JPY Price Analysis: Weekly rising channel tests bulls around 152.00


  • GBP/JPY prints three-day winning streak, mildly bid around intraday high of late.
  • Strong RSI, sustained trading beyond 200-HMA keep buyers hopeful.
  • Key Fibonacci retracement levels add to the downside filters.

GBP/JPY picks up bids to 152.05, up 0.11% intraday, ahead of Wednesday’s European session. In doing so, the pair buyers attack the upper line of an upward sloping trend channel from last Friday amid strong RSI.

As a result, the immediate hurdle near 152.10 is likely to be crossed, which in turn should direct the quote towards the late April tops near 152.40.

GBP/JPY upside past-152.40 needs to cross the 61.8% Fibonacci Expansion (FE) of April 23-29 run-up, as well as the following pullback to 151.01 on Monday, near 152.90 before targeting the previous month’s peak close to 153.40.

Alternatively, a convergence of the stated channel’s support and 200-HMA near 151.00 becomes the key to watch before targeting any sell positions.

In that case, 50% and 61.85 Fibonacci retracement levels, near 150.70 and 150.35 respectively, could offer extra filters during the fall.

GBP/JPY hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 152.06
Today Daily Change 0.15
Today Daily Change % 0.10%
Today daily open 151.91
 
Trends
Daily SMA20 150.68
Daily SMA50 150.75
Daily SMA100 146.63
Daily SMA200 142.22
 
Levels
Previous Daily High 152.06
Previous Daily Low 151
Previous Weekly High 152.41
Previous Weekly Low 149.54
Previous Monthly High 153.42
Previous Monthly Low 149.06
Daily Fibonacci 38.2% 151.66
Daily Fibonacci 61.8% 151.41
Daily Pivot Point S1 151.25
Daily Pivot Point S2 150.6
Daily Pivot Point S3 150.19
Daily Pivot Point R1 152.31
Daily Pivot Point R2 152.72
Daily Pivot Point R3 153.37

 

 

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