GBPJPY Price Analysis: Pullback remains elusive beyond 165.70

GBPJPY remains sidelined around weekly top, struggles to justify monthly resistance break.
Bearish MACD signals challenge buyers amid sluggish session.
Resistance-turned-support, key DMAs restrict immediate downside.

Anil Panchal FXStreet

GBPJPY treads water around 166.00 as traders await the UK’s Autumn Statement during early Thursday. In doing so, the cross-currency pair failed to justify the previous day’s upside break of a two-week-old descending trend line.

The quote’s failure to cheer the previous key resistance could be linked to the bearish MACD signals, as well as the cautious mood ahead of the key UK event.

Also read: GBPUSD aims to recapture 1.2000 ahead of UK Autumn Budget

That said, the GBPJPY buyers could witness a bumpy road during the further upside as the previous weekly top near 169.10 precedes the 170.00 psychological magnet and October 2022 high near 172.15 to challenge the pair’s further advances.

Meanwhile, pullback moves will initially have to remain below the previous resistance line stretched from October 31, around 165.70 by the press time.

Following that, the 100-DMA and the 200-DMA, respectively near 164.00 and 162.30, should challenge the GBPJPY buyers.

In a case where the pair remains bearish past 162.30, the October 11-12 swing low near 159.70 will be a tough nut to crack for the GBPJPY bears.

Overall, GBPJPY remains bullish even if the road to the north is bumpy and long.

GBPJPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	166.05
Today Daily Change	0.95
Today Daily Change %	0.58%
Today daily open	165.1

Trends
Daily SMA20	167.78
Daily SMA50	164.88
Daily SMA100	163.95
Daily SMA200	162.19

Levels
Previous Daily High	166.22
Previous Daily Low	164.2
Previous Weekly High	169.1
Previous Weekly Low	163.06
Previous Monthly High	172.14
Previous Monthly Low	159.73
Daily Fibonacci 38.2%	165.45
Daily Fibonacci 61.8%	164.97
Daily Pivot Point S1	164.13
Daily Pivot Point S2	163.16
Daily Pivot Point S3	162.12
Daily Pivot Point R1	166.14
Daily Pivot Point R2	167.18
Daily Pivot Point R3	168.15

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.

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