GBPJPY at 184.507 is experiencing a lack of clear direction as it continues to make small gains after ending a two-week period of decreasing values. @nehcap’s perspective is that any decrease in value will be minimal.

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• GBP/JPY lacks clear directions by sticking to mild gains as it snaps two-week downtrend.

The pair currently trades last at 184.507.

The previous day high was 185.69 while the previous day low was 184.26. The daily 38.2% Fib levels comes at 184.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 185.14, expected to provide resistance.

GBP/JPY treads water around 184.60 during the early hours of Thursday’s Asian session, after snapping a two-day winning streak the previous day. Even so, the cross-currency pair remains on the way to posting the first weekly gain in three as softer yields propel the Japanese Yen (JPY) despite hawkish Bank of Japan (BoJ) concerns, as well as fears of policy pivot at the Bank of England (BoE).

That said, the quote remains steady within a two-week-old symmetrical triangle but bearish MACD signals suggest further consolidation of the weekly gains, which in turn highlights the 184.00 as an immediate support to watch for the pair sellers.

However, the GBP/JPY bears should remain cautious unless they witness a clear downside break of the 183.70–60 support confluence comprising the aforementioned triangle’s bottom line and the 200-SMA.

Following that, a quick fall towards the late August swing low of around 183.35 can’t be ruled out while the early August peak of near 183.20 can prod the GBP/JPY bears afterward.

On the contrary, the 185.00 round figure guards the immediate recovery of the cross-currency pair ahead of the triangle’s top line, close to 185.65 at the latest.

Following that, a horizontal area comprising multiple levels marked since mid-August, around 186.30-35 will precede the latest peak, which is also the yearly high, of near 186.70 to challenge the GBP/JPY bulls.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 184.64 at the time of writing. Pair opened at 184.7 and is trading with a change of -0.03% % .

The pair is trading below its 20 Daily moving average @ 184.89, above its 50 Daily moving average @ 183.1 , above its 100 Daily moving average @ 178.33 and above its 200 Daily moving average @ 170.26

The previous day high was 185.69 while the previous day low was 184.26. The daily 38.2% Fib levels comes at 184.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 185.14, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 184.08, 183.45, 182.65
• Pivot resistance is noted at 185.51, 186.31, 186.94

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