#GBPJPY @ 181.054 The is seeing further downside on Monday, sliding from 182.00.

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• The GBP/JPY is seeing further downside on Monday, sliding from 182.00.

The pair currently trades last at 181.054.

The previous day high was 182.52 while the previous day low was 181.04. The daily 38.2% Fib levels comes at 181.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 181.95, expected to provide resistance.

The GBP/JPY is trading down into 181.00, with further declines on the cards back into the 180.00 handle if Pound Sterling (GBP) traders can’t find a reason to hit the buy button this week.

The Yen (JPY) continues to see a steady recovery across the broader market, taking the Guppy down 1.5% from last week’s peak of 183.75.

After getting hammered for most of 2023, the JPY has been seeing a resurgence of late; the GBP/JPY is down over 3% from August’s high of 186.77, an eight-year high for the pair.

Early Tuesday brings a smattering of Japanese economic data, including Retail Sales and the Japanese Unemployment Rate, but barring any significant deviations from the forecast figures, investors will be focusing on the Bank of Japan’s (BoJ) interest rate call.

BoJ Preview: Three scenarios and their implications for USD/JPY – TDS

The BoJ is broadly expected to hold steady on their negative rate regime of -0.1%, but investors are beginning to gesture towards the need for changes in the Japanese central bank’s policy framework as inflation continues to hold higher for longer than initially expected.

On the Pound Sterling side, GBP traders will be looking ahead to Thursday’s Bank of England (BoE) rate call, with the UK’s central bank nearly guaranteed to hold rates at 5.25% as economic data for the UK continues to miss the mark.

The Guppy is falling back into the 181.00 handle for Monday after failing to etch in a rebound into 182.00.

The way is clear for further downside into 180.00, with the last few extreme swing lows marking in a potential resistance zone from 178.00 to 176.00, and the near-term ceiling sits at the last swing highs into 184.00, just above the 50-day Simple Moving Average (SMA).

On the down side, an extended bear run will see the GBP/JPY pair falling into the 200-day SMA which is currently rising above the 174.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 181.06 at the time of writing. Pair opened at 181.39 and is trading with a change of -0.18 % .

The pair is trading below its 20 Daily moving average @ 182.04, below its 50 Daily moving average @ 183.02 , below its 100 Daily moving average @ 182.5 and above its 200 Daily moving average @ 174.03

The previous day high was 182.52 while the previous day low was 181.04. The daily 38.2% Fib levels comes at 181.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 181.95, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 180.78, 180.18, 179.31
• Pivot resistance is noted at 182.26, 183.12, 183.73

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