#GBPJPY @ 161.506 The reached a 4-week high at 161.80, eyeing the confluence of the 50 and 200-day EMAs. (Pivot Orderbook analysis)

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• The GBP/JPY reached a 4-week high at 161.80, eyeing the confluence of the 50 and 200-day EMAs.
• GBP/JPY Price Analysis: Double bottom looms, but a death-cross looming suggests further downside is expected.

The pair currently trades last at 161.506.

The previous day high was 161.29 while the previous day low was 159.04. The daily 38.2% Fib levels comes at 160.43, expected to provide support. Similarly, the daily 61.8% fib level is at 159.9, expected to provide support.

The GBP/JPY extended its gains for two straight days and climbed towards a wall of resistance, with the confluence of the 50 and 200-day Exponential Moving Averages (EMAs) around 161.90-162.20. As the Asian Pacific session begins, the GBP/JPY is trading at 161.61, below its opening price by 0.05%.

After reaching a daily high of 161.80, the GBP/JPY fell short of reclaiming the 50-day EMA at 161.87. even though buyers reclaimed the 161.00 figure and cleared last Friday’s high of 161.2, the GBP/JPY aims upwards, though it would face solid resistance ahead.

The GBP/JPY key resistance levels lie at the 50-day EMA at 161.87. A breach of the latter would expose 162.00, followed by the 200-day EMA at 162.18, followed by the 100-day EMA at 162.87.

As an alternative scenario, if the GBP/JPY reverses Monday’s price action, its first support would be the 161.00 figure. Break below will expose the 20-day EMA at 160.04, followed by the January 23 swing low of 159.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 161.62 at the time of writing. Pair opened at 160.62 and is trading with a change of 0.62 % .

The pair is trading above its 20 Daily moving average @ 159.19, below its 50 Daily moving average @ 163.22 , below its 100 Daily moving average @ 164.02 and below its 200 Daily moving average @ 163.51

The previous day high was 161.29 while the previous day low was 159.04. The daily 38.2% Fib levels comes at 160.43, expected to provide support. Similarly, the daily 61.8% fib level is at 159.9, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 159.35, 158.07, 157.1
• Pivot resistance is noted at 161.6, 162.57, 163.84

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