#GBPJPY @ 165.567 defends three-month-old resistance breakout amid bullish MACD signals., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- GBP/JPY defends three-month-old resistance breakout amid bullish MACD signals.
- Horizontal area from late June challenge immediate upside moves.
- The key DMA confluence challenges bears, buyers can aim for yearly top.
The pair currently trades last at 165.567.
The previous day high was 166.24 while the previous day low was 164.31. The daily 38.2% Fib levels comes at 165.05, expected to provide support. Similarly, the daily 61.8% fib level is at 165.51, expected to provide support.
GBP/JPY picks up bids to consolidate the previous day’s losses around 165.80 during Monday’s Asian session.
In doing so, the cross-currency pair defends the upside break of a three-month-old resistance, now support around 164.15.
Not only the key resistance breakout but the bullish MACD signals also favor GBP/JPY bulls to portray another run-up towards crossing a 10-week-old horizontal resistance area surrounding 166.30.
It should, however, be noted that the pair’s upside past 166.30 won’t hesitate to challenge the yearly peak surrounding 168.50. During the anticipated run-up, the tops marked in late June and April, respectively around 167.85 and 168.40, could act as buffers.
On the flip side, GBP/JPY sellers may not risk fresh entries until witnessing a clear downside break of the resistance-turned-support line around 164.15, as well as the 164.00 threshold.
Also acting as the key downside barrier is the convergence of the 50-DMA and the 100-DMA around 163.00.
In a case where GBP/JPY sellers keep reins past 163.00, an upward sloping support line from May 12, close to 161.30, followed by the 160.00 psychological magnet, will pop up on the radar.
Trend: Further upside expected
Technical Levels: Supports and Resistances
GBPJPY currently trading at 165.83 at the time of writing. Pair opened at 165.17 and is trading with a change of 0.40% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 165.83 |
| 1 | Today Daily Change | 0.66 |
| 2 | Today Daily Change % | 0.40% |
| 3 | Today daily open | 165.17 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 162.53, 50 SMA 163.07, 100 SMA @ 162.91 and 200 SMA @ 159.68.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 162.53 |
| 1 | Daily SMA50 | 163.07 |
| 2 | Daily SMA100 | 162.91 |
| 3 | Daily SMA200 | 159.68 |
The previous day high was 166.24 while the previous day low was 164.31. The daily 38.2% Fib levels comes at 165.05, expected to provide support. Similarly, the daily 61.8% fib level is at 165.51, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 164.24, 163.31, 162.31
- Pivot resistance is noted at 166.17, 167.18, 168.11
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 166.24 |
| Previous Daily Low | 164.31 |
| Previous Weekly High | 166.32 |
| Previous Weekly Low | 160.66 |
| Previous Monthly High | 163.99 |
| Previous Monthly Low | 159.45 |
| Daily Fibonacci 38.2% | 165.05 |
| Daily Fibonacci 61.8% | 165.51 |
| Daily Pivot Point S1 | 164.24 |
| Daily Pivot Point S2 | 163.31 |
| Daily Pivot Point S3 | 162.31 |
| Daily Pivot Point R1 | 166.17 |
| Daily Pivot Point R2 | 167.18 |
| Daily Pivot Point R3 | 168.11 |
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