The GBPJPY currency pair, currently trading at 184.677, has seen an increase in demand to reverse the decline it experienced the previous day from its weekly high. According to the perspective of @nehcap, only a limited recovery is anticipated.
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- GBP/JPY picks up bids to reverse the previous day’s retreat from weekly top.
The pair currently trades last at 184.677.
The previous day high was 185.27 while the previous day low was 184.07. The daily 38.2% Fib levels comes at 184.53, expected to provide support. Similarly, the daily 61.8% fib level is at 184.81, expected to provide resistance.
GBP/JPY renews intraday high to 184.60 as it reverses the previous day’s pullback from the weekly top heading into Wednesday’s London open. In doing so, the cross-currency pair recovers from a three-week-old rising support line while tracing the Treasury bond yields.
However, sluggish oscillators and multiple technical hurdles toward the north prods the GBP/JPY bulls.
That said, the 50-SMA hurdle of around 184.85 guards immediate upside. However, major attention is on the two-week-long horizontal resistance area surrounding 185.40-50.
Following that, a run-up towards the yearly high marked earlier in the month around 186.80 can’t be ruled out.
On the flip side, a clear break of the stated support line, close to 184.15, will seek validation from the 184.00 round figure before poking the early-month swing high of around 183.25.
Should the quote remain bearish past 183.25, the 61.8% Fibonacci retracement of July 28 to August 22 upside, near 180.30, and the 180.00 round figure, will lure the GBP/JPY sellers.
It’s worth noting that the likely cautious optimism and mixed concerns about the UK may allow the GBP/JPY to grind higher.
Trend: Limited recovery expected
Technical Levels: Supports and Resistances
GBPJPY currently trading at 184.58 at the time of writing. Pair opened at 184.44 and is trading with a change of 0.08% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 184.58 |
| 1 | Today Daily Change | 0.14 |
| 2 | Today Daily Change % | 0.08% |
| 3 | Today daily open | 184.44 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 184.0, 50 SMA 182.8, 100 SMA @ 177.22 and 200 SMA @ 169.72.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 184.00 |
| 1 | Daily SMA50 | 182.80 |
| 2 | Daily SMA100 | 177.22 |
| 3 | Daily SMA200 | 169.72 |
The previous day high was 185.27 while the previous day low was 184.07. The daily 38.2% Fib levels comes at 184.53, expected to provide support. Similarly, the daily 61.8% fib level is at 184.81, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 183.92, 183.4, 182.72
- Pivot resistance is noted at 185.12, 185.79, 186.31
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 185.27 |
| Previous Daily Low | 184.07 |
| Previous Weekly High | 186.77 |
| Previous Weekly Low | 183.36 |
| Previous Monthly High | 184.02 |
| Previous Monthly Low | 176.32 |
| Daily Fibonacci 38.2% | 184.53 |
| Daily Fibonacci 61.8% | 184.81 |
| Daily Pivot Point S1 | 183.92 |
| Daily Pivot Point S2 | 183.40 |
| Daily Pivot Point S3 | 182.72 |
| Daily Pivot Point R1 | 185.12 |
| Daily Pivot Point R2 | 185.79 |
| Daily Pivot Point R3 | 186.31 |
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