#GBPJPY @ 166.121 has continued to rise steadily since the beginning of April after bouncing at the 20-day EMA. (Pivot Orderbook analysis)

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• GBP/JPY has continued to rise steadily since the beginning of April after bouncing at the 20-day EMA.
• GBP/JPY Price Analysis: It is neutral-upwards, but downside risks remain below 166.00.

The pair currently trades last at 166.121.

The previous day high was 166.2 while the previous day low was 165.2. The daily 38.2% Fib levels comes at 165.81, expected to provide support. Similarly, the daily 61.8% fib level is at 165.58, expected to provide support.

The GBP/JPY is extending its gains to six-consecutive days of gains as the Asian session begins. However, amid a risk-on sentiment, buyers and sellers appeared to be at equilibrium, as shown by Wednesday’s price action. As the Asian session begins, the GBP/JPY trades at 166.14, increasing by a minuscule 0.02% gain.

The GBP/JPY remained sideways once it reached a new YTD high of 166.60. The formation of a doji in the daily chart means that neither buyers/sellers remain committed to opening new long/short positions. Nevertheless, the GBP/JPY bias remains intact, tilted upwards. But for a bullish continuation, GBP buyers need to crack the December 20 high at 167.01, posing a threat to test the 168.00 figure.

On the other hand, if GBP/JPY dives beneath 166.00, it would exacerbate a pullback, initially testing the 165.00 mark. Once broken, downside risk remains at the 20-day Exponential Moving Average (EMA), at 163.88, followed by the 163.00 figure.

Oscillator-wise, the Relative Strength Index (RSI), albeit in bullish territory, turned flat, suggesting the pair shifted neutral. On the opposite side, the Rate of Change (RoC), portrays that buying pressure is fading. Therefore, the bias remains neutral upwards, but downside risks remain.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 166.18 at the time of writing. Pair opened at 166.1 and is trading with a change of 0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 162.78, 50 SMA 161.99, 100 SMA @ 162.23 and 200 SMA @ 163.16.

The previous day high was 166.2 while the previous day low was 165.2. The daily 38.2% Fib levels comes at 165.81, expected to provide support. Similarly, the daily 61.8% fib level is at 165.58, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 165.46, 164.83, 164.46
• Pivot resistance is noted at 166.46, 166.83, 167.46

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