#GBPJPY @ 161.543 registered hefty gains of 3.96% during the week. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• GBP/JPY registered hefty gains of 3.96% during the week.
• Long-term, the GBP/JPY is neutral upwards, though if it clears 162.57, that could open the door for further gains.
• Per the daily chart, if the GBP/JPY clears 162.25, the pair can rally towards 164.00.

The pair currently trades last at 161.543.

The previous day high was 160.65 while the previous day low was 155.61. The daily 38.2% Fib levels comes at 158.73, expected to provide support. Similarly, the daily 61.8% fib level is at 157.54, expected to provide support.

The GBP/JPY advanced for the fourth straight day and reclaimed the 200-day EMA after hitting a daily low at around 159.43, though buyers stepped, sending the cross-currency pair towards its daily high of 162.17. At the time of writing, the GBP/JPY is trading at 161.54, above its opening price by 0.62%.

From a weekly chart perspective, the GBP/JPY is neutral-to-upward biased after a volatile trading week that witnessed the pound sliding towards a YTD low of 148.63 before recovering close to 1200 pips. GBP/JPY traders should be aware of oscillators shifting to positive territory. Therefore, a re-test of the 20-week EMA, around 162.57, is on the cards.

The GBP/JPY daily chart shows that Friday’s rally was capped at a “packed” supply zone, with the 20, and the 50-day EMAs hoovering around 162.15-162.25, ahead of the 100-day EMA at 162.88. Worth noting that, albeit solid resistance lie above, the GBP/JPY pierced the 78.6% Fibonacci retracement at 161.05, opening the door for further upside.

Therefore, the GBP/JPY first resistance would be the 162.00 figure. Once cleared it would expose the aforementioned 162.15-162.25 area, followed by the 100-day EMA at 162.88 ahead of the 163.00 mark. A breach of the latter will expose the September 22 daily high at 164.43.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 161.54 at the time of writing. Pair opened at 160.63 and is trading with a change of 0.65 % .

The pair is trading below its 20 Daily moving average @ 162.19, below its 50 Daily moving average @ 162.35 , below its 100 Daily moving average @ 162.92 and above its 200 Daily moving average @ 160.41

The previous day high was 160.65 while the previous day low was 155.61. The daily 38.2% Fib levels comes at 158.73, expected to provide support. Similarly, the daily 61.8% fib level is at 157.54, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 157.28, 153.92, 152.24
• Pivot resistance is noted at 162.31, 164.0, 167.35

[/s2If]
Join Our Telegram Group