#GBPJPY @ 164.289 The daily chart tests a three-month-old resistance trendline at around 164.70-90. (Pivot Orderbook analysis)
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- The GBP/JPY daily chart tests a three-month-old resistance trendline at around 164.70-90.
- The Relative Strength Index (RSI) and the Rate of Change (RoC) shifted bullish, indicating an upward trend for GBP/JPY.
- GBP/JPY Price Analysis: Downside risks remain below 164.00.
The pair currently trades last at 164.289.
The previous day high was 163.68 while the previous day low was 161.36. The daily 38.2% Fib levels comes at 162.8, expected to provide support. Similarly, the daily 61.8% fib level is at 162.25, expected to provide support.
The GBP/JPY pair is gaining 0.53% on Thursday and is trading at 164.29 after hitting a daily low of 162.96. The pair’s uptrend is attributed to the market’s current risk-on sentiment and expectations that central banks will pause hiking rates after the recent banking turmoil in the US and Switzerland.
The GBP/JPY daily chart suggests the pair is testing a three-month-old resistance trendline that passes at around 164.70-90, trading at 4-week highs. The Relative Strength Index (RSI) shifted bullish, suggesting the GBP/JPY outlook is upwards. The Rate of Change (RoC) jumped from a neutral stance after the GBP/JPY snapped three days of consecutive losses, erased on Thursday.
If the GBP/JPY continues its uptrend, the next resistance would be the February 27 high at 166.00. A breach of the latter will expose the December 19 daily high at 167.01, followed by the December 12 high at 169.27.
On the other hand, the GBP/JPY first support would be the psychological level at 164.00. Downside risks lie at the next support area at the 20-day Exponential Moving Average (EMA) at 161.87, ahead of testing the 50-day EMA at 161.18.
Technical Levels: Supports and Resistances
GBPJPY currently trading at 164.33 at the time of writing. Pair opened at 163.6 and is trading with a change of 0.45 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 164.33 |
| 1 | Today Daily Change | 0.73 |
| 2 | Today Daily Change % | 0.45 |
| 3 | Today daily open | 163.60 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 162.02, 50 SMA 161.32, 100 SMA @ 162.37 and 200 SMA @ 163.18.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 162.02 |
| 1 | Daily SMA50 | 161.32 |
| 2 | Daily SMA100 | 162.37 |
| 3 | Daily SMA200 | 163.18 |
The previous day high was 163.68 while the previous day low was 161.36. The daily 38.2% Fib levels comes at 162.8, expected to provide support. Similarly, the daily 61.8% fib level is at 162.25, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 162.07, 160.55, 159.75
- Pivot resistance is noted at 164.4, 165.21, 166.73
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 163.68 |
| Previous Daily Low | 161.36 |
| Previous Weekly High | 163.34 |
| Previous Weekly Low | 158.27 |
| Previous Monthly High | 166.01 |
| Previous Monthly Low | 156.73 |
| Daily Fibonacci 38.2% | 162.80 |
| Daily Fibonacci 61.8% | 162.25 |
| Daily Pivot Point S1 | 162.07 |
| Daily Pivot Point S2 | 160.55 |
| Daily Pivot Point S3 | 159.75 |
| Daily Pivot Point R1 | 164.40 |
| Daily Pivot Point R2 | 165.21 |
| Daily Pivot Point R3 | 166.73 |
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