#GBPJPY @ 160.485 Dragonfly doji surfaced as the recovered from weekly lows around the mid-159/160 mark. (Pivot Orderbook analysis)

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• Dragonfly doji surfaced as the GBP/JPY recovered from weekly lows around the mid-159/160 mark.
• GBP/JPY Price Analysis: Neutral to downward biased, but in the short term, it could test the 200-DMA.

The pair currently trades last at 160.485.

The previous day high was 161.85 while the previous day low was 159.99. The daily 38.2% Fib levels comes at 160.7, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.14, expected to provide resistance.

The GBP/JPY is almost unchanged as the Asian session kicks in, though Wednesday’s session witnessed the cross falling to new weekly lows of 159.50. However, the GBP/JPY pair staged a comeback and formed a dragonfly doji, which suggests bulls are moving in. The GBP/JPY is trading at 160.50 at the time of writing.

From a daily timeframe perspective, the GBP/JPY is still neutral-to-downward biased, with the exchange rate remaining below the trend-setter 200-day Exponential Moving Average (EMA) at 162.14, which is also above the 50-day EMA at 161.74. For the GBP/JPY to continue its downtrend, it would need to crack the 20-day EMA at 160.05, and then, the pair may pose a threat to break below the weekly low of 159.50.

As an alternate scenario, for the GBP/JPY bullish continuation, the pair needs to reclaim the psychological 161.00 figure. Break above will expose the 50-day EMA, followed by the 162.00 mark. Once broken, the bulls could challenge the 200-day EMA at 162.14.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 160.61 at the time of writing. Pair opened at 160.55 and is trading with a change of 0.04 % .

The pair is trading above its 20 Daily moving average @ 159.27, below its 50 Daily moving average @ 163.07 , below its 100 Daily moving average @ 163.98 and below its 200 Daily moving average @ 163.46

The previous day high was 161.85 while the previous day low was 159.99. The daily 38.2% Fib levels comes at 160.7, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.14, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 159.75, 158.94, 157.89
• Pivot resistance is noted at 161.6, 162.65, 163.46

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