#GBPJPY @ 162.822 pares the biggest daily gains in a fortnight near the weekly top., @nehcap view: Further upside expected (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 pares the biggest daily gains in a fortnight near the weekly top.
- Bullish MACD signals keep buyers hopeful unless prices break 13-day-old support line.
- Monthly resistance line adds to the upside filters.
The pair currently trades last at 162.822.
The previous day high was 162.68 while the previous day low was 159.73. The daily 38.2% Fib levels comes at 160.86, expected to provide support. Similarly, the daily 61.8% fib level is at 161.55, expected to provide support.
GBP/JPY bulls take a breather after printing the biggest daily jump in two weeks, retreating to 162.85 during Thursday’s Asian session.
In doing so, the cross-currency pair reverses the from the 100-DMA but stays above the key Fibonacci retracement level of the quote’s June-September moves, as well as an important support line stretched from September 26, amid bullish MACD signals.
With this, buyers are likely to keep the reins unless the quote breaks the aforementioned support line, around 160.70 by the press time. However, the latest pullback can retest the 61.8% Fibonacci retracement level of 161.10.
Also acting as a downside filter is the weekly low around 159.75 and the 50% Fibonacci retracement level of 158.75.
Alternatively, an upside clearance of the 100-DMA hurdle, close to 163.20 at the latest, could propel the GBP/JPY prices towards a one-month-long resistance line near 164.80.
Trend: Further upside expected
Technical Levels: Supports and Resistances
GBPJPY currently trading at 162.89 at the time of writing. Pair opened at 159.98 and is trading with a change of 1.82 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 162.89 |
| 1 | Today Daily Change | 2.91 |
| 2 | Today Daily Change % | 1.82 |
| 3 | Today daily open | 159.98 |
The pair is trading above its 20 Daily moving average @ 161.24, above its 50 Daily moving average @ 162.17 , below its 100 Daily moving average @ 163.14 and above its 200 Daily moving average @ 160.7
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 161.24 |
| 1 | Daily SMA50 | 162.17 |
| 2 | Daily SMA100 | 163.14 |
| 3 | Daily SMA200 | 160.70 |
The previous day high was 162.68 while the previous day low was 159.73. The daily 38.2% Fib levels comes at 160.86, expected to provide support. Similarly, the daily 61.8% fib level is at 161.55, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 158.92, 157.85, 155.97
- Pivot resistance is noted at 161.86, 163.75, 164.81
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 162.68 |
| Previous Daily Low | 159.73 |
| Previous Weekly High | 165.72 |
| Previous Weekly Low | 160.58 |
| Previous Monthly High | 167.22 |
| Previous Monthly Low | 148.80 |
| Daily Fibonacci 38.2% | 160.86 |
| Daily Fibonacci 61.8% | 161.55 |
| Daily Pivot Point S1 | 158.92 |
| Daily Pivot Point S2 | 157.85 |
| Daily Pivot Point S3 | 155.97 |
| Daily Pivot Point R1 | 161.86 |
| Daily Pivot Point R2 | 163.75 |
| Daily Pivot Point R3 | 164.81 |
[/s2If]
Join Our Telegram Group
