#GBPJPY @ 166.794 clings to minor gains, defends the previous day’s rebound from two-week low., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- GBP/JPY clings to minor gains, defends the previous day’s rebound from two-week low.
- Steady RSI, short-term trend continuation pattern suggest further grinding of prices.
- Key SMAs add to the downside filters; bulls can aim for late 2022 top on crossing 168.00.
The pair currently trades last at 166.794.
The previous day high was 167.02 while the previous day low was 165.66. The daily 38.2% Fib levels comes at 166.5, expected to provide support. Similarly, the daily 61.8% fib level is at 166.17, expected to provide support.
GBP/JPY grinds higher around 167.00, near 166.85 heading into Thursday’s London open, amid sluggish markets. In doing so, the cross-currency pair remains sidelined within a fortnight-old trading range.
However, the steady RSI (14) line and the quote’s successful trading above the 100-bar Simple Moving Average (SMA), as well as the 200-SMA, keep the GBP/JPY buyers hopeful.
That said, the aforementioned trading range’s top surrounding 168.00 appears a tough nut to crack for the pair buyers to restore the market’s confidence. Following that, a run-up toward the late 2022 peak of around 169.30 can be quickly witnessed on the chart.
Though, the 170.00 round figure and the previous yearly high surrounding 172.15 cab prod the GBP/JPY buyers afterward.
On the contrary, the 100-bar SMA level of 165.95 limits intraday fall of the GBP/JPY pair ahead of the 165.50-40 support zone forming part of the previously stated range.
In a case where the cross-currency pair remains bearish past 165.40, the 200-SMA level surrounding 164.00 can act as the last defense of the GBP/JPY buyers.
It’s worth noting that the monthly low of around 162.80 and March’s bottom of near 158.30 can lure the pair bears past 164.00.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
GBPJPY currently trading at 166.85 at the time of writing. Pair opened at 166.67 and is trading with a change of 0.11% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 166.85 |
| 1 | Today Daily Change | 0.18 |
| 2 | Today Daily Change % | 0.11% |
| 3 | Today daily open | 166.67 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 165.67, 50 SMA 163.6, 100 SMA @ 162.23 and 200 SMA @ 163.31.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 165.67 |
| 1 | Daily SMA50 | 163.60 |
| 2 | Daily SMA100 | 162.23 |
| 3 | Daily SMA200 | 163.31 |
The previous day high was 167.02 while the previous day low was 165.66. The daily 38.2% Fib levels comes at 166.5, expected to provide support. Similarly, the daily 61.8% fib level is at 166.17, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 165.88, 165.09, 164.52
- Pivot resistance is noted at 167.24, 167.81, 168.6
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 167.02 |
| Previous Daily Low | 165.66 |
| Previous Weekly High | 167.98 |
| Previous Weekly Low | 165.52 |
| Previous Monthly High | 165.47 |
| Previous Monthly Low | 158.27 |
| Daily Fibonacci 38.2% | 166.50 |
| Daily Fibonacci 61.8% | 166.17 |
| Daily Pivot Point S1 | 165.88 |
| Daily Pivot Point S2 | 165.09 |
| Daily Pivot Point S3 | 164.52 |
| Daily Pivot Point R1 | 167.24 |
| Daily Pivot Point R2 | 167.81 |
| Daily Pivot Point R3 | 168.60 |
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