#GBPJPY @ 163.201 is set to finish the week with decent losses of 1.28%. (Pivot Orderbook analysis)

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• GBP/JPY is set to finish the week with decent losses of 1.28%.
• From a daily chart perspective, the cross-currency GBP/JPY shifted to neutral biased.
• Short term, the GBP/JPY is about to hit 162.30. the head-and-shoulders target.

The pair currently trades last at 163.201.

The previous day high was 165.74 while the previous day low was 164.48. The daily 38.2% Fib levels comes at 164.96, expected to provide resistance. Similarly, the daily 61.8% fib level is at 165.26, expected to provide resistance.

The GBP/JPY drops for the four consecutive trading session, down by 0.86% on Friday, after Wall Street finished the last trading day with losses between 0.45% and 0.90%, spurred by a dismal sentiment. In the FX complex, safe-haven peers rose, except for the greenback, which finished unchanged. At the time of writing, the GBP/JPY is trading at 163.24, as Wall Street’s close.

From a daily chart perspective, the GBP/JPY is neutral biased, after sliding below the 55-day EMA. It’s worth noting that the cross, tumbled below the August 17 daily low at 163.55, opening the door for further losses. Even though, the GBP/JPY reached a daily low at around 162.73 and failed to stick below 163.00, the bias shifted to neutral-downwards.

Short term, the GBP/JPY four-hour scale depicts the cross-currency pair formed a head-and-shoulders chart pattern, which targets a drop towards 162.30, as measured from head-to-the-neckline chart pattern. On Friday, the GBP/JPY tumbled from around 164.50, and reached a daily low at 162.73, shy of the target. Nevertheless, the GBP/JPY bias remain downwards, so it might reach the head-and-shoulders target, in the near term.

Therefore, the GBP/JPY first support would be the 163.00 psychological level. A breach of the latter will expose the September 16 cycle low at 162.73, followed by the head-and-shoulders target at 162.30.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 163.24 at the time of writing. Pair opened at 164.56 and is trading with a change of -0.8 % .

The pair is trading below its 20 Daily moving average @ 163.27, below its 50 Daily moving average @ 163.28 , above its 100 Daily moving average @ 163.06 and above its 200 Daily moving average @ 159.99

The previous day high was 165.74 while the previous day low was 164.48. The daily 38.2% Fib levels comes at 164.96, expected to provide resistance. Similarly, the daily 61.8% fib level is at 165.26, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 164.12, 163.67, 162.86
• Pivot resistance is noted at 165.37, 166.18, 166.63

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