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- GBP/JPY Price Analysis: Keeps bounce off six-week-old support above 161.00
GBP/JPY Price Analysis: Keeps bounce off six-week-old support above 161.00
- GBP/JPY picks up bids to extend the previous day’s rebound from two-week low.
- Bearish MACD signals, failures to cross 21-DMA favor sellers.
- 50-DMA, lows marked in April, March act as additional downside filters.
GBP/JPY bulls poke intraday high surrounding 161.30, stretching Friday’s recovery moves, as Tokyo opens for Monday.
In doing so, the yen cross keeps the previous day’s U-turn from an upward sloping support line from March 30.
However, bearish MACD signals and multiple failures to cross the 21-DMA in the last two weeks keep sellers hopeful.
In addition to the 21-DMA level of 163.58, March’s high of 164.64 will also challenge GBP/JPY bulls before directing them to the last month’s peak surrounding 168.45.
Alternatively, pullback moves may initially aim for the aforementioned support line surrounding 160.40.
Following that, the 50-DMA level near the 160.00 threshold will be crucial to watch for the GBP/JPY sellers as a clear downside break of which will direct the pair towards lows marked in April and March, respectively around 159.60 and 159.00.
Overall, the GBP/JPY pair’s recovery moves seem less convincing until staying below the 21-DMA.
GBP/JPY: Daily chart
Trend: Recovery expected
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