#GBPJPY @ 168.282 is range-bound, lacking clear direction due to the recent Bank of Japan (BoJ) interventions in the FX markets. (Pivot Orderbook analysis)

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• GBP/JPY is range-bound, lacking clear direction due to the recent Bank of Japan (BoJ) interventions in the FX markets.
• From a daily chart perspective, the GBP/JPY is neutral-to-upwards biased, though it will face solid resistance around 170.00.
• Short term, the GBP/JPY is neutral biased, though as the RSI shifts bearish, it could exert downward pressure on the GBP.

The pair currently trades last at 168.282.

The previous day high was 169.58 while the previous day low was 164.95. The daily 38.2% Fib levels comes at 166.72, expected to provide support. Similarly, the daily 61.8% fib level is at 167.81, expected to provide support.

The GBP/JPY meanders around 168.36 as the Asian session begins, following a huge volatile Monday trading session, with the GBP/JPY registering a daily high and low of 169.78/165.41, respectively, as traders speculate of another BoJ intervention in the FX markets.

The GBP/JPY daily chart illustrates the pair as neutral to upward biased, consolidated near the year-to-date highs around 165.00-170.00. The price action shows large price swings in the last three days due to the BoJ stepping into the markets, delineating a solid resistance area at around 170.00. Even though the day’s lows were capped around 165.00, the GBP/JPY might continue to trade around 168.00-170.00, opening the door for further gains. On the flip side, if the GBP/JPY slides below 168.00, a fall toward 165.00 is on the cards.

The GBP/JPY one-hour time frame depicts the pair as range-bound, forming a top in the 168.00-170.00 area, which GBP buyers had been unable to crack, on its way towards new YTD highs. Worth noting that the Relative Strength Index (RSI) turned bearish, which could exacerbate a move downwards, exposing key support areas.

Hence the GBP/JPY first support would be the 200-Exponential Moving Average (EMA) around 167.50, which, once cleared, would send the GBP/JPY tumbling towards the S1 daily pivot at 165.62, followed by the October 21 daily low at 164.87, ahead of the S2 pivot level at 163.33.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 168.36 at the time of writing. Pair opened at 167.15 and is trading with a change of 0.71 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 163.22, 50 SMA 162.93, 100 SMA @ 163.58 and 200 SMA @ 161.12.

The previous day high was 169.58 while the previous day low was 164.95. The daily 38.2% Fib levels comes at 166.72, expected to provide support. Similarly, the daily 61.8% fib level is at 167.81, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 164.87, 162.59, 160.24
• Pivot resistance is noted at 169.5, 171.86, 174.14

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