#GBPJPY @ 169.802 pares losses and reaches 170.00 area. (Pivot Orderbook analysis)
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- GBP/JPY pares losses and reaches 170.00 area.
- Breach of 170.00 might drive the pair to 175.00.
- Downside attempts remain limited above 168.00.
The pair currently trades last at 169.802.
The previous day high was 169.81 while the previous day low was 165.54. The daily 38.2% Fib levels comes at 168.18, expected to provide support. Similarly, the daily 61.8% fib level is at 167.17, expected to provide support.
The pound rallied across the board on Tuesday, fuelled by the market enthusiasm about the victory of Rishi Sunak in the Tory race to Downing Street. The GBP/JPY has extended its rebound from levels right below 168.00 earlier today to scratch the door of 170.00 which might activate an inverted “Head & Shoulders” pattern, driving the pair to the 175.00 area.
Technical indicators show the pair biased higher, supported above the 50 and 100-period SMA in the 4-hour chart. The RSI, however, is approaching overbought territory suggesting that bulls might take a pause.
Downside attempts remain limited above 167.75/168.00 where session lows meet the 50-period SMA. Below here, the next downside targets would be at 165.25 (October 14 and 21 lows) and 162.45 (October 13 lows).
Technical Levels: Supports and Resistances
GBPJPY currently trading at 169.76 at the time of writing. Pair opened at 167.96 and is trading with a change of 1.07 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 169.76 |
| 1 | Today Daily Change | 1.80 |
| 2 | Today Daily Change % | 1.07 |
| 3 | Today daily open | 167.96 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 163.88, 50 SMA 163.07, 100 SMA @ 163.61 and 200 SMA @ 161.18.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 163.88 |
| 1 | Daily SMA50 | 163.07 |
| 2 | Daily SMA100 | 163.61 |
| 3 | Daily SMA200 | 161.18 |
The previous day high was 169.81 while the previous day low was 165.54. The daily 38.2% Fib levels comes at 168.18, expected to provide support. Similarly, the daily 61.8% fib level is at 167.17, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 165.73, 163.5, 161.46
- Pivot resistance is noted at 170.0, 172.04, 174.27
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 169.81 |
| Previous Daily Low | 165.54 |
| Previous Weekly High | 170.10 |
| Previous Weekly Low | 164.95 |
| Previous Monthly High | 167.22 |
| Previous Monthly Low | 148.80 |
| Daily Fibonacci 38.2% | 168.18 |
| Daily Fibonacci 61.8% | 167.17 |
| Daily Pivot Point S1 | 165.73 |
| Daily Pivot Point S2 | 163.50 |
| Daily Pivot Point S3 | 161.46 |
| Daily Pivot Point R1 | 170.00 |
| Daily Pivot Point R2 | 172.04 |
| Daily Pivot Point R3 | 174.27 |
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