GBPJPY @ 2.17850 – Support/Resistance analysis: Price Analysis: Soars above the 162.00 figure, on risk-on impulse

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GBPJPY @ 2.17850 – Support/Resistance analysis: Price Analysis: Soars above the 162.00 figure, on risk-on impulse

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• GBP/JPY eradicates Monday’s gains and gained more than 1% on Tuesday.
• The GBP/JPY is downward biased, but Tuesday’s price action opened the door for further upside, targeting the 50-DMA at 163.86.

The pair currently trades last at 2.17850.

The previous day high was 162.16 while the previous day low was 160.36. The daily 38.2% Fib levels comes at 161.05, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.47, expected to provide resistance.

The GBP/JPY pares Monday’s losses and some more, forming a bullish-engulfing candle pattern, meaning buyers overcome sellers, reciaiming the 162.00 figure on its way north. However, solid resistance lies ahead of the current exchange rate, with the 20 and 100-day EMAs hovering around the 162.80-163.00 area. At the time of writing, GBP/JPY is trading at 162.39.

The cross-currency pair is exchanging hands below the 20, 100, and 50-day EMAs, suggesting that the GBP/JPY is downward biased. Nevertheless, Tuesday’s rally towards the 162.80-163.00 area, although rejected, it opened the door for further gains. So from a technical perspective, a break above the latter will put the 50-day EMA at 163.086 in play, ahead of the July 27 high at 166.33.

On the flip side, the GBP/JPY first support will be the 162.00 mark. Once cleared, the next support will be the figure at 161.00, ahead of the August 16 low at 160.08.

GBP/JPY Daily chart

Technical Levels: Supports and Resistances

GBPJPY currently trading at 162.39 at the time of writing. Pair opened at 160.72 and is trading with a change of 1.0 % .

The pair is trading below its 20 Daily moving average @ 163.22, below its 50 Daily moving average @ 164.15 , below its 100 Daily moving average @ 163.04 and above its 200 Daily moving average @ 158.72

The previous day high was 162.16 while the previous day low was 160.36. The daily 38.2% Fib levels comes at 161.05, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.47, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 160.0, 159.28, 158.2
• Pivot resistance is noted at 161.8, 162.88, 163.6

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