#GBPJPY @ 166.103 GBPJPY remains sidelined around weekly top, struggles to justify monthly resistance break., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBPJPY remains sidelined around weekly top, struggles to justify monthly resistance break.
• Bearish MACD signals challenge buyers amid sluggish session.
• Resistance-turned-support, key DMAs restrict immediate downside.

The pair currently trades last at 166.103.

The previous day high was 166.22 while the previous day low was 164.2. The daily 38.2% Fib levels comes at 165.45, expected to provide support. Similarly, the daily 61.8% fib level is at 164.97, expected to provide support.

GBPJPY treads water around 166.00 as traders await the UK’s Autumn Statement during early Thursday. In doing so, the cross-currency pair failed to justify the previous day’s upside break of a two-week-old descending trend line.

The quote’s failure to cheer the previous key resistance could be linked to the bearish MACD signals, as well as the cautious mood ahead of the key UK event.

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That said, the GBPJPY buyers could witness a bumpy road during the further upside as the previous weekly top near 169.10 precedes the 170.00 psychological magnet and October 2022 high near 172.15 to challenge the pair’s further advances.

Meanwhile, pullback moves will initially have to remain below the previous resistance line stretched from October 31, around 165.70 by the press time.

Following that, the 100-DMA and the 200-DMA, respectively near 164.00 and 162.30, should challenge the GBPJPY buyers.

In a case where the pair remains bearish past 162.30, the October 11-12 swing low near 159.70 will be a tough nut to crack for the GBPJPY bears.

Overall, GBPJPY remains bullish even if the road to the north is bumpy and long.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 166.05 at the time of writing. Pair opened at 165.1 and is trading with a change of 0.58% % .

The pair is trading below its 20 Daily moving average @ 167.78, above its 50 Daily moving average @ 164.88 , above its 100 Daily moving average @ 163.95 and above its 200 Daily moving average @ 162.19

The previous day high was 166.22 while the previous day low was 164.2. The daily 38.2% Fib levels comes at 165.45, expected to provide support. Similarly, the daily 61.8% fib level is at 164.97, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 164.13, 163.16, 162.12
• Pivot resistance is noted at 166.14, 167.18, 168.15

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