GBPJPY Price Analysis: Tumbles from the 50% Fibonacci retracement, eyeing 166.00

The GBPJPY snaps two days of gains, diving almost 90 pips amidst a risk-off impulse.
GBPJPY Price Analysis: Neutral-to-upward biased, but failure to crack 169.00, exposed the pair to selling pressure.

Christian Borjon Valencia FXStreet

The GBPJPY drops from weekly highs at around 169.08 as sentiment shifts, with most US equities trading in the red, except for the Dow Jones Industrial, clinging to gains. In the FX, safe-haven currencies begin to pare their earlier losses, so the Japanese Yen is staging a comeback against the Pound Sterling. At the time of writing, the GBPJPY is trading at 167.92, down by 0.47%.

GBPJPY Price Analysis: Technical outlook

After snapping four days of consecutive losses, the GBPJPY recovered some ground and registered this week’s previous high at around 169.09. However, as market sentiment shifted negatively, the cross-currency pair tumbled but failed to push below 167.60, which could open the door for a re-test of weekly lows at 165.92. Hence, the GBPJPY’s first support would be the 167.00 figure. The break below will expose the 166.00 psychological level, followed by the weekly low.

Otherwise, if the GBPJPY stays above 167.60, the pair could resume its uptrend but face solid resistance levels on the upside. The first supply zone would be the psychological 168.00 figure, followed by the weekly high of 169.09 and then the 170.00 mark.

GBPJPY Key Technical Levels

GBP/JPY

Overview
Today last price	167.89
Today Daily Change	-0.86
Today Daily Change %	-0.51
Today daily open	168.75

Trends
Daily SMA20	167.82
Daily SMA50	164.48
Daily SMA100	164
Daily SMA200	161.9

Levels
Previous Daily High	169.1
Previous Daily Low	166.06
Previous Weekly High	172.14
Previous Weekly Low	165.09
Previous Monthly High	172.14
Previous Monthly Low	159.73
Daily Fibonacci 38.2%	167.94
Daily Fibonacci 61.8%	167.22
Daily Pivot Point S1	166.84
Daily Pivot Point S2	164.93
Daily Pivot Point S3	163.8
Daily Pivot Point R1	169.88
Daily Pivot Point R2	171.01
Daily Pivot Point R3	172.92

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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