#GBPJPY @ 155.075 trims some Monday losses and hovers above the 155.00 figure. (Pivot Orderbook analysis)

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• GBP/JPY trims some Monday losses and hovers above the 155.00 figure.
• The daily chart portrays the pair as downward biased, though a “bullish-harami” candle pattern could open the door for a re-test of the 200-day EMA.
• If the GBP/JPY clears the 154.00 figure, it could send the pair towards the daily low at 148.53.

The pair currently trades last at 155.075.

The previous day high was 157.22 while the previous day low was 148.8. The daily 38.2% Fib levels comes at 152.02, expected to provide support. Similarly, the daily 61.8% fib level is at 154.01, expected to provide support.

The GBP/JPY recovered some ground on Tuesday courtesy of a slight improvement in sentiment, though, in the end, US equities finished in the red, while Asian bourses are set for a lower open as risk aversion got back. At the time of writing, the GBP/JPY is trading at 155.12

The GBP/JPY daily chart shows the pair remains bearish-biased once it cleared the 200-day EMA. Tuesday’s price action completed a “bullish harami” candle pattern, suggesting that the GBP/JPY might be headed upwards. Nevertheless, due to Monday’s volatile trading session, the GBP/JPY could trim some of its losses but would need to surpass some resistance levels on its way north.

Therefore, the GBP/JPY’s first resistance would be the September 27 daily high at 156.36. The break above will expose the September 26 high at 157.22, followed by the 200-day EMA at 160.30. If buyers surpass the latter, that would shift the bias to neutral and open the door for further gains.

On the flip side, the GBP/JPY’s first support will be the September 27 daily low at 154.07. Once cleared, the next demand zone would be the January 24 daily low at 152.90, followed by a re-test of the YTD low at 148.53, ahead of the September 2020 cycle high of 142.70.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 155.12 at the time of writing. Pair opened at 154.67 and is trading with a change of 0.32 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 162.79, 50 SMA 162.81, 100 SMA @ 162.95 and 200 SMA @ 160.33.

The previous day high was 157.22 while the previous day low was 148.8. The daily 38.2% Fib levels comes at 152.02, expected to provide support. Similarly, the daily 61.8% fib level is at 154.01, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.91, 145.15, 141.49
• Pivot resistance is noted at 158.33, 161.99, 166.75

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