GBP/JPY Price Analysis: Rejected around 161.00, nosedives towards 158.00

GBP/JPY collapsed at the confluence of two resistance levels, around 161.00.
GBP/JPY Price Analysis Remains downward biased, and it could test 155.00 once it reclaims the YTD low of 155.35.

Christian Borjon Valencia FXStreet

The GBP/JPY dropped to fresh weekly lows of 157.72 after a cooler-than-expected US inflation report, which spurred safe-haven flows in the FX space amidst an upbeat market sentiment. From a technical perspective, the GBP/JPY stalled around the 20-day Exponential Moving Average (EMA) at 160.75 and dropped some 300 pips. The GBP/JPY is trading at around 158.00

GBP/JPY Price Analysis: Technical outlook

From a daily chart perspective, the GBP/JPY remains downward biased. After registering four days of successive days trading with gains, a fundamental news catalyst and solid resistance at the 20-day EMA around 160.75 triggered a fall. Oscillators like the Relative Strength Index (RSI) at bearish territory and continuing to aim lower support a possible test of YTD lows of 155.36. Also, the Rate of Change (RoC) shows that volatility has not picked up yet, which could refrain traders from opening new shorts positions in the GBP/JPY pair.

However, if the GBP/JPY continued to fall, its next support would be 157.00. A breach of the latter will expose the January 4 daily low of 156.49, followed by the YTD low of 155.35, and then the September 22 low of 152.54.

On the flip side, the GBP/JPY first resistance would be the January 4 daily high of 160.16, followed by the 20-day EMA at 160.76, and then the current week’s high of 161.21.

GBP/JPY Key Technical Levels

GBP/JPY

Overview
Today last price	157.96
Today Daily Change	-3.02
Today Daily Change %	-1.88
Today daily open	160.98

Trends
Daily SMA20	160.84
Daily SMA50	164.37
Daily SMA100	164.27
Daily SMA200	163.7

Levels
Previous Daily High	161.22
Previous Daily Low	160.51
Previous Weekly High	160.18
Previous Weekly Low	155.36
Previous Monthly High	169.28
Previous Monthly Low	157.84
Daily Fibonacci 38.2%	160.95
Daily Fibonacci 61.8%	160.78
Daily Pivot Point S1	160.59
Daily Pivot Point S2	160.2
Daily Pivot Point S3	159.88
Daily Pivot Point R1	161.3
Daily Pivot Point R2	161.61
Daily Pivot Point R3	162

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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