#GBPJPY @ 168.028 begins the Asian session on the wrong foot, slightly down by 0.07%. (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 begins the Asian session on the wrong foot, slightly down by 0.07%.
• Risk appetite improvement on Wednesday underpinned the GBP/JPY.
• GBP/JPY Price Analysis: Bullish biased, might accelerate the uptrend once it breaches 169.00.

The pair currently trades last at 168.028.

The previous day high was 169.28 while the previous day low was 167.1. The daily 38.2% Fib levels comes at 167.93, expected to provide support. Similarly, the daily 61.8% fib level is at 168.45, expected to provide resistance.

After a volatile Wall Street session spurred by the US Federal Reserve (Fed) monetary policy decision, the GBP/JPY trims some of its Tuesday’s losses, courtesy of a risk-on impulse, despite a hawkish message delivered by Fed Chairman Jerome Powell. Nevertheless, a positive reaction by the GBP/USD pair lifted the GBP/JPY off the weekly lows of 166.70s weekly lows. As the Asian session begins, the GBP/JPY is trading at 168.28, registering minuscule losses of 0.07%.

At the beginning of the week, the GBP/JPY edged toward the psychological 169.00 barriers, though Tuesday probed to be a negative day. The GBP/JPY slid almost 0.70% to the 168.00 area as traders booked profits after a soft US inflation report, augmenting speculations that the Fed would pivot. So risk-perceived or high beta currencies, like the Pound Sterling (GBP), weakened against safe-haven peers like the Japanese Yen (JPY).

Wednesday was different, though it witnessed the GBP/JPY falling below the 20-day Exponential Moving Average (EMA) at 167.22. Still, it recovered ground and printed a daily close above 168.00. Given the backdrop and oscillators slightly skewed to the upside, the GBP/JPY remains bullish.

Therefore, the GBP/JPY first resistance would be December’s 13 daily high of 169.27, followed by the 170.00 psychological price level. A breach of the latter will expose the YTD high of 172.12. As an alternate scenario, the GBP/JPY first support would be 168.00, which, once cleared, could send the pair tumbling toward the 20-day EMA at 167.22.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 168.44 at the time of writing. Pair opened at 167.64 and is trading with a change of 0.48 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 166.97, 50 SMA 166.74, 100 SMA @ 164.53 and 200 SMA @ 163.38.

The previous day high was 169.28 while the previous day low was 167.1. The daily 38.2% Fib levels comes at 167.93, expected to provide support. Similarly, the daily 61.8% fib level is at 168.45, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 166.73, 165.83, 164.55
• Pivot resistance is noted at 168.92, 170.19, 171.1

[/s2If]
Join Our Telegram Group