#GBPJPY @ 185.481 The Sterling stalls below 185.50 with the upside trend intact. (Pivot Orderbook analysis)
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- The Sterling stalls below 185.50 with the upside trend intact.
- Hopes of a dovish BoJ are likely to weigh on the Yen.
- Investors await the release of key UK indicators this week.
The pair currently trades last at 185.481.
The previous day high was 1.3412 while the previous day low was 1.3343. The daily 38.2% Fib levels comes at 1.3386, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3369, expected to provide support.
The Sterling is trading higher against the Japanese Yen on Monday, although bullish momentum has faded at the mid-range of 185.00 during the London morning session as the market mood deteriorated.
In the absence of key macroeconomic releases today, the risk appetite that had fuelled the Pound’s recovery from Friday’s lows at 184.85 has waned on Monday, giving some oxygen to the safe-haven Yen.
JPY bulls, however, are likely to remain subdued. The weak Tokyo CPI and wage growth data seen last week have boosted expectations that the Bank of Japan will maintain its ultra-loose policy after next week’s meeting, which is acting as a headwind for the Yen.
In the UK we have a busy calendar this week, starting with the employment report on Tuesday, consumer prices on Wednesday and the Retail sales figures on Friday.
In Japan, all eyes will be on Thursday’s National CPI data for confirmation of the deflationary trend anticipated by the Tokyo inflation reading. The risk of the Yen is skewed to the downside.
The pairs’ broad trend is bullish, with downside attempts seen as good entry options for bulls. Above 185.55 the next resistance is 186.16. Supports are at 184.48 and 182.70.
Technical Levels: Supports and Resistances
GBPJPY currently trading at 1.3419 at the time of writing. Pair opened at 1.3407 and is trading with a change of 0.09 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3419 |
| 1 | Today Daily Change | 0.0012 |
| 2 | Today Daily Change % | 0.0900 |
| 3 | Today daily open | 1.3407 |
The pair is trading above its 20 Daily moving average @ 1.3319, below its 50 Daily moving average @ 1.3511 , below its 100 Daily moving average @ 1.357 and below its 200 Daily moving average @ 1.348
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3319 |
| 1 | Daily SMA50 | 1.3511 |
| 2 | Daily SMA100 | 1.3570 |
| 3 | Daily SMA200 | 1.3480 |
The previous day high was 1.3412 while the previous day low was 1.3343. The daily 38.2% Fib levels comes at 1.3386, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3369, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3363, 1.3319, 1.3294
- Pivot resistance is noted at 1.3432, 1.3456, 1.35
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3412 |
| Previous Daily Low | 1.3343 |
| Previous Weekly High | 1.3443 |
| Previous Weekly Low | 1.3341 |
| Previous Monthly High | 1.3620 |
| Previous Monthly Low | 1.3178 |
| Daily Fibonacci 38.2% | 1.3386 |
| Daily Fibonacci 61.8% | 1.3369 |
| Daily Pivot Point S1 | 1.3363 |
| Daily Pivot Point S2 | 1.3319 |
| Daily Pivot Point S3 | 1.3294 |
| Daily Pivot Point R1 | 1.3432 |
| Daily Pivot Point R2 | 1.3456 |
| Daily Pivot Point R3 | 1.3500 |
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