#GBPJPY @ 161.646 -imp levels: Price Analysis: Further upside hinges on 162.15 breakout

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The pair currently trades last at 161.646.

The previous day high was 162.69 while the previous day low was 161.22. The daily 38.2% Fib levels comes at 162.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.78, expected to provide resistance.

GBP/JPY struggles to defend buyers inside a short-term symmetrical triangle, despite posting mild gains around 161.65 during Monday’s Asian session. In doing so, the cross-currency pair rises for the second consecutive day.

Given the steady RSI and the sluggish moves of the pair inside a pattern suggesting trend continuation, the GBP/JPY prices may remain sidelined while printing smaller gains.

However, the 100-SMA and the mentioned triangle’s resistance line highlight the 162.10-15 area as the key hurdle for the pair buyers to tackle.

Following that, a run-up towards the 200-SMA and the mid-month high, respectively near 163.00 and 163.60, can’t be ruled out.

It’s worth noting that multiple hurdles marked during late July and early August could act as the last defense of the GBP/JPY bears around 163.90-164.00.

Meanwhile, pullback moves remain elusive until staying beyond the stated triangle’s support line, at 161.20. Also acting as a downside filter is the 161.00 round figure.

In a case where GBP/JPY remains bearish past 161.00, the odds of witnessing a south-run towards the 160.00 psychological magnet and the monthly low near 159.45 could lure the bears.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 161.68 at the time of writing. Pair opened at 161.6 and is trading with a change of 0.05% % .

The pair is trading below its 20 Daily moving average @ 162.1, below its 50 Daily moving average @ 163.59 , below its 100 Daily moving average @ 163.11 and above its 200 Daily moving average @ 159.11

The previous day high was 162.69 while the previous day low was 161.22. The daily 38.2% Fib levels comes at 162.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.78, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 160.98, 160.36, 159.51
• Pivot resistance is noted at 162.45, 163.31, 163.93

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