#GBPJPY @ 156.646 recovered some ground on Wednesday and trimmed most of its weekly losses. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• GBP/JPY recovered some ground on Wednesday and trimmed most of its weekly losses.
• However, if the GBP/JPY fails to reclaim 157.00, that would pave the way for sellers, and the pair could drop towards the 38.2% Fibonacci retracement at 154.67.
• A break above 157.00 might open the door for a rally towards the 61.8% Fibonacci at 158.40.

The pair currently trades last at 156.646.

The previous day high was 156.37 while the previous day low was 154.16. The daily 38.2% Fib levels comes at 155.53, expected to provide support. Similarly, the daily 61.8% fib level is at 155.0, expected to provide support.

On Wednesday, the GBP/JPY finished the day with solid gains of 1%, as the Bank of England intervention bolstered UK bonds and alleviated the markets. However, as the Asian Pacific session takes over, the GBP/JPY is trading at 156.59, down 0.21%.

The GBP/JPY daily chart portrays the pair as downward biases, as mentioned yesterday, “once it cleared the 200-EMA.” GBP/JPY’s Wednesday price action registered a daily high at 157.09, above the 50% Fibonacci retracement, drawn from the high/low of September 22 and 26, respectively, paving the way for a move towards the 61.8% retracement at 158.40. If the GBP/JPY breaks 158.00, then a move to the latter is on the cards, followed by the figure at 160.00, ahead of the 200-day EMA at 160-33

Otherwise, the GBP/JPY might be headed downwards, aligned with its current bias. Therefore, the GBP/JPY’s first support will be the 50% Fibonacci retracement at 156.53. Once cleared, the next support would be the 38.2% Fibonacci at 154.67, followed by the September 27 daily low at 154.07. A breach of the latter might send the GBP/JPY towards the January 24 daily low of 152.90.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 156.6 at the time of writing. Pair opened at 155.4 and is trading with a change of 0.77 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 162.47, 50 SMA 162.6, 100 SMA @ 162.9 and 200 SMA @ 160.35.

The previous day high was 156.37 while the previous day low was 154.16. The daily 38.2% Fib levels comes at 155.53, expected to provide support. Similarly, the daily 61.8% fib level is at 155.0, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 154.24, 153.09, 152.03
• Pivot resistance is noted at 156.46, 157.52, 158.68

[/s2If]
Join Our Telegram Group