#GBPJPY @ 158.741 pares the previous day’s losses inside fortnight-long symmetrical triangle., @nehcap view: Upside remains more appealing (Pivot Orderbook analysis)

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• GBP/JPY pares the previous day’s losses inside fortnight-long symmetrical triangle.
• Steady RSI backs recent recovery, 200-SMA challenges immediate upside.
• Multiple supports to test bears on their return.

The pair currently trades last at 158.741.

The previous day high was 159.64 while the previous day low was 157.53. The daily 38.2% Fib levels comes at 158.34, expected to provide support. Similarly, the daily 61.8% fib level is at 158.83, expected to provide resistance.

GBP/JPY picks up bids to 158.70 as it grinds inside a two-wee-old triangle formation during Monday’s Asian session.

The cross-currency pair prints mild gains after a consecutive two-week downtrend. That said, the recently steady RSI (14) backs the quote’s recovery moves inside the symmetrical triangle.

It’s worth noting, however, that the 200-SMA hurdle surrounding 159.30 acts as an immediate upside hurdle for the GBP/JPY buyers to watch before the stated triangle’s top line, close to 159.45 by the press time.

In a case where the pair remains firmer past 159.45, the 160.00 psychological magnet holds the key for the GBP/JPY run-up targeting the previous monthly high surrounding 161.85 and then to the last defense of sellers, namely the late December 2022 high near 162.35.

Alternatively, a downside break of the 158.30 level will defy the triangle formation and theoretically suggest a slump toward the 143.00 mark. However, multiple hurdles do challenge the GBP/JPY bears before allowing them to cheer the multi-month low.

Among them, lows marked during February and January 2023, respectively near 156.75 and 155.35, will precede the September 2022 bottom surrounding 148.80 are the key. Also important to watch is the 150.00 round figure.

To sum up, GBP/JPY remains sidelined as it consolidates recent losses.

Trend: Upside remains more appealing

Technical Levels: Supports and Resistances

GBPJPY currently trading at 158.78 at the time of writing. Pair opened at 158.41 and is trading with a change of 0.23% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 159.44, 50 SMA 161.18, 100 SMA @ 163.43 and 200 SMA @ 163.22.

The previous day high was 159.64 while the previous day low was 157.53. The daily 38.2% Fib levels comes at 158.34, expected to provide support. Similarly, the daily 61.8% fib level is at 158.83, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 157.42, 156.42, 155.32
• Pivot resistance is noted at 159.52, 160.63, 161.62

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