GBPJPY @ 2.18270 – Support/Resistance analysis: Price Analysis: Drops on safe-haven flows, back below 161.00

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GBPJPY @ 2.18270 – Support/Resistance analysis: Price Analysis: Drops on safe-haven flows, back below 161.00

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• GBP/JPY extends its losses, from around 163.00 to 160.60 in the last four days.
• Risk aversion in the FX space underpins safe-haven peers.
• GBP/JPY: To resume its downward bias below 160.34; otherwise, a test of 162.07 is on the cards.

The pair currently trades last at 2.18270.

The previous day high was 162.8 while the previous day low was 161.81. The daily 38.2% Fib levels comes at 162.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 162.42, expected to provide resistance.

The GBP/JPY stumbles and refreshes two-week lows, eyeing a break below the July 6 low at 160.38, which could exacerbate a move towards the August 2 low at 159.44, ahead of the 200-day EMA at 158.65. At the time of writing, the GBP/JPY is trading at 160.69, down 0.75, due to a risk-off impulse in the FX space, to the detriment of risk-sensitive currencies, namely the GBP, AUD, and NZD.

The longer-term of the GBP/JPY is neutral-to-downward biased as shown by the daily chart. Succesive series of lower highs/lows, alongside the Relative Strength Index (RSI) aiming downwards and below its 7-day RSI SMA, exacerbated the cross fall in the last four days. Also, the 20-day EMA is about to cross under the 100-day EMAat 162.97, which would exert additional selling pressure on the pair. That could send the GBP/JPY towards the 200-day EMA at 158.65.

Therefore, the GBP/JPY’s first support would be the August 15 low at 160.34. Break below will expose the July 6 low at 160.38, followed by the August 2 low at 159.44, followed by the abovementioned 200-day EMA.

On the flip side, the GBP/JPY’s first resistance would be the August 15 high at 162.07. Once cleared, the next resistance will be August 12, high at 162.79, followed by the 163.00 figure.

GBP/JPY Daily chart

Technical Levels: Supports and Resistances

GBPJPY currently trading at 160.69 at the time of writing. Pair opened at 161.98 and is trading with a change of -0.75 % .

The pair is trading below its 20 Daily moving average @ 163.44, below its 50 Daily moving average @ 164.24 , below its 100 Daily moving average @ 163.05 and above its 200 Daily moving average @ 158.68

The previous day high was 162.8 while the previous day low was 161.81. The daily 38.2% Fib levels comes at 162.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 162.42, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 161.59, 161.21, 160.6
• Pivot resistance is noted at 162.59, 163.19, 163.58

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