The GBPJPY currency pair remains stagnant at its current level of 181.423 after a calm start to the trading week.

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• The GBP/JPY is stuck in familiar levels after a quiet early half of the trading week.

The pair currently trades last at 181.423.

The previous day high was 181.87 while the previous day low was 181.05. The daily 38.2% Fib levels comes at 181.37, expected to provide support. Similarly, the daily 61.8% fib level is at 181.56, expected to provide resistance.

The GBP/JPY continues to struggle to push decisively in either direction and has been constrained between the 182.00 and 181.00 major levels for the past week despite being down 1.7% for September.

The early trading week saw limited economic data releases for both the Pound Sterling (GBP) and the Japanese Yen (JPY), but the week is set to close out with meaningful data for both sides of the Guppy.

Friday sees the Tokyo Consumer Price Index (CPI) inflation reading for Japan, which last printed at 2.9% for the headline annualized figure in August. September’s Core Tokyo CPI last saw 4.0% for the same period, and Yen bidders will be watching closely.

Despite Japanese inflation printing above the Bank of Japan’s (BoJ) 2% target, the BoJ is concerned about inflation sinking below target in a projected slowdown for Japanese price growth, and the Japanese central bank will be looking for evidence that inflation is anchoring in longer-term before reversing its negative rate policy regime.

On the UK side, Friday will see Gross Domestic Product figures, which is forecast to hold steady at 0.2%. The UK is facing a broad economic slowdown in the economic data, and a miss in forecasts could see the Pound Sterling sagging even lower on the charts.

The Guppy lifted from yesterday’s lows near 180.90 but the GBP/JPY is getting capped by price action just below 181.70. Hourly candles have remained pinned to the 34-hour Exponential Moving Average (EMA) as momentum bleeds out.

On the daily candlesticks, the GBP/JPY is dragging back into the 100-day Simple Moving Average (SMA) just above 180.00, with the 200-day SMA far below current bid levels near 172.00.

The Guppy’s medium-term walkback is seeing limited downside, but the slow-motion downside is seeing technical indicators starting to signal oversold conditions, with the Relative Strength Index (RSI) approaching the lower boundaries on a 14-day rolling basis.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 181.43 at the time of writing. Pair opened at 181.28 and is trading with a change of 0.08 % .

The pair is trading below its 20 Daily moving average @ 183.52, below its 50 Daily moving average @ 183.28 , above its 100 Daily moving average @ 180.29 and above its 200 Daily moving average @ 171.41

The previous day high was 181.87 while the previous day low was 181.05. The daily 38.2% Fib levels comes at 181.37, expected to provide support. Similarly, the daily 61.8% fib level is at 181.56, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 180.93, 180.58, 180.11
• Pivot resistance is noted at 181.75, 182.22, 182.57

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