#GBPJPY @ 167.830 hit a two-week high but trimmed some gains, back below 168.00. (Pivot Orderbook analysis)

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• GBP/JPY hit a two-week high but trimmed some gains, back below 168.00.
• The daily chart suggests the GBP/JPY is neutral-upward biased, but a head-and-shoulders pattern remains in play.
• GBP/JPY Price Analysis: Failure to crack 168.00 exacerbated a fall toward 167.50.

The pair currently trades last at 167.830.

The previous day high was 168.0 while the previous day low was 166.11. The daily 38.2% Fib levels comes at 167.28, expected to provide support. Similarly, the daily 61.8% fib level is at 166.83, expected to provide support.

On Tuesday, the GBP/JPY retraces after hitting a two-week high around 168.30, amid upbeat sentiment, as shown by Wall Street, registering gains between 1.18% and 1.36%. However, the head-and-shoulders chart pattern remains in play as long as the right shoulder, around 169.08, is not surpassed. That said, the GBP/JPY is trading at 167.75, below its opening price by 0.46%.

In the long term, the GBP/JPY remains neutral to upward biased, though a head-and-shoulders pattern emerging in the daily chart opened the door for a fall to 158.40. However, during the last week, the cross-registered gains of 2%, exchanging hands 300 pips above the neckline. If British Pound (GBP) buyers reclaim 169.00, that would invalidate the pattern and might exacerbate a rally toward the YTD highs of 172.13.

Short term, the GBP/JPY 4-hour chart illustrates the pair as neutral, slightly upward biased. GBP/JPY price action registered successive series of higher highs/lows, advancing steadily from around 163.03. On its way north, the GBP/JPY hurdled the 50, 200, and 100-Exponential Moving Averages (EMAs), suggesting buyers gathered momentum. But the Relative Strength Index (RSI), aiming downwards, could open the door for a pullback.

Therefore, the GBP/JPY first support would be the S1 daily pivot point at 167.33. Break below will expose the confluence of the 100 and the 200-EMAs around 166.81/93, followed by the 50-EMA at 166.02. Otherwise, the GBP/JPY key resistance levels lie at the R1 daily pivot at 168.29, followed b the R2 pivot level at 168.78, followed by the November 7 daily high at 169.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 167.89 at the time of writing. Pair opened at 167.94 and is trading with a change of -0.03 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 167.55, 50 SMA 164.96, 100 SMA @ 164.04 and 200 SMA @ 162.4.

The previous day high was 168.0 while the previous day low was 166.11. The daily 38.2% Fib levels comes at 167.28, expected to provide support. Similarly, the daily 61.8% fib level is at 166.83, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 166.7, 165.45, 164.8
• Pivot resistance is noted at 168.59, 169.25, 170.49

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