GBP/JPY technical analysis: Choppy between a week-long range

The pair offers fewer moves since last-Thursday.
Addition of 200-HMA at the lower end of the range dims chances of a heavy decline.

Anil Panchal FXStreet

GBP/JPY’s latest up-moves from 137.55 can’t recall the bulls unless clearing a week old trading range. The pair currently trades around 137.70 during the early Asian session on Thursday.

While 137.90 and 138.15 can please short-term buyers, a horizontal resistance-line of a range at 138.27 may limit further upside.

However, pair’s rise beyond 138.27, also clearing recent uptick around 138.33, could trigger fresh advances towards May 30 high of 138.75 and then to 139.00.

Alternatively, 200-hour moving average (200-HMA) and the range support offer strong support around 137.51/49.

On the break of 137.49, 137.00 and 136.54 are likely following numbers to appear on the chart.

GBP/JPY hourly chart

Trend: Sideways

1. R3 138.81
2. R2 138.53
3. R1 138.11
PP 137.83
1. S1 137.41
2. S2 137.13
3. S3 136.71

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.