#GBPJPY @ 161.821 -imp levels: marginally advances almost 0.05% on Wednesday’s Asian session.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• GBP/JPY marginally advances almost 0.05% on Wednesday’s Asian session.
• The GBP/JPY is seesawing in the 161.00-162.30 area, unable to break beyond the range.

The pair currently trades last at 161.821.

The previous day high was 162.53 while the previous day low was 161.16. The daily 38.2% Fib levels comes at 161.69, expected to provide support. Similarly, the daily 61.8% fib level is at 162.01, expected to provide resistance.

The GBP/JPY is almost flat as the Asian session begins, still below the 20-day EMA for the third consecutive trading day, whilst price action continues to record successive series of lower highs and lows. At the time of writing, the GBP/JPY Is trading at 161.86.

Sentiment has improved, as shown by Asian equities set to open higher. GBP/JPY Tuesday’s price action illustrates the pair seesawing between 161.00-162-30, while all the hourly moving averages (HMAs) meandering around the exchange rate are almost flat.

The GBP/JPY daily chart illustrates the pair as neutral biased. Helped by the GBP/USD recovery, the British pound edged higher, after recording a fresh five-daily low at 160.80, bounced off to close the session around 161.77. That said the GBP/JPY printed back-to-back doji’s, meaning indecision lurks in the pair.

In the near term, the GBP/JPY hourly chart illustrates the pair fulfilling the head-and-shoulders chart pattern target. Once the target was achieved, the GBP/JPY rallied sharply, testing a downslope trendline, drawn from the August 17 high around 163.56, which confluences with the 200-hour EMA at 161.96.

A breach of the latter will expose the 162.00 figure, followed by the August 22 high at 162.30, followed by the R1 pivot at 162.47. On the flip side, the GBP/JPY first support would be the daily pivot at 161.62. Break below will expose the figure at 161.00, immediately followed by the S1 pivot at 160.94.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 161.86 at the time of writing. Pair opened at 161.76 and is trading with a change of 0.01 % .

The pair is trading below its 20 Daily moving average @ 162.58, below its 50 Daily moving average @ 163.73 , below its 100 Daily moving average @ 163.12 and above its 200 Daily moving average @ 158.95

The previous day high was 162.53 while the previous day low was 161.16. The daily 38.2% Fib levels comes at 161.69, expected to provide support. Similarly, the daily 61.8% fib level is at 162.01, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 161.1, 160.45, 159.73
• Pivot resistance is noted at 162.47, 163.19, 163.84

[/s2If]
Join Our Telegram Group