#GBPJPY @ 166.220 remains firmer around one-week high, up for the fifth consecutive day., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• GBP/JPY remains firmer around one-week high, up for the fifth consecutive day.
• Upside break of February’s high keeps buyers hopeful, two-week-old support line also restricts immediate declines.
• Six-week-old ascending trend line joins overbought RSI (14) to suggest limited room towards the north.

The pair currently trades last at 166.220.

The previous day high was 166.2 while the previous day low was 165.2. The daily 38.2% Fib levels comes at 165.81, expected to provide support. Similarly, the daily 61.8% fib level is at 165.58, expected to provide support.

GBP/JPY buyers keep the reins for the fifth consecutive day as the cross-currency pair makes rounds to a one-week high surrounding 166.15-20 during early Wednesday.

The quote’s latest run-up could be linked to a successful upside break of February’s high, near 166.00, as well as the bullish MACD signals.

However, an upward-sloping resistance line from late February can challenge the GBP/JPY bulls around 166.50 amid the overbought RSI (14) conditions.

Should the pair crosses the 166.50 key resistance line, the last December’s high of around 169.30 and the 170.00 round figure can lure the GBP/USD bulls. Following that, the previous yearly high surrounding 172.15 will be in the spotlight.

On the flip side, a clear break of 166.00 can trigger an intraday fall of the GBP/JPY pair. However, a fortnight-old ascending trend line, near 164.85 by the press time, can restrict the quote’s further downside.

In a case where the GBP/JPY bears keep the reins past 164.85, the 200-SMA level of 162.85 becomes crucial to watch as it holds the key to the pair’s south-run towards a 2.5-month-long support line, close to 159.75 at the latest.

To sum up, GBP/JPY is likely to remain firmer even if the 166.50 challenges the quote’s immediate upside.

Trend: Pullback expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 166.17 at the time of writing. Pair opened at 166.1 and is trading with a change of 0.04% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 162.78, 50 SMA 161.99, 100 SMA @ 162.23 and 200 SMA @ 163.16.

The previous day high was 166.2 while the previous day low was 165.2. The daily 38.2% Fib levels comes at 165.81, expected to provide support. Similarly, the daily 61.8% fib level is at 165.58, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 165.46, 164.83, 164.46
• Pivot resistance is noted at 166.46, 166.83, 167.46

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