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GBP/JPY Price Analysis: Fridays Doji, 21-DMA challenge recovery above 163.00
Abstract：In doing so, the cross-currency pair justifies the previous days Doji candlestick, as well as bearish MACD signals, by taking a U-turn from the 21-DMA.
GBP/JPY pares intraday gains as short-term moving average tests buyers.
Downbeat MACD signals, the previous days bearish candlestick also tease sellers.
Bears need validation from 50% Fibonacci retracement level to retake controls.
GBP/JPY retreats from the intraday high while consolidating the daily gains around 163.45 during Mondays Asian session.
Other than the 21-DMA hurdle of 163.60, a horizontal area comprising multiple levels marked since late March also challenges the GBP/JPY buyers around 164.65-75.
Should the quote rise past-164.75, the odds of witnessing a run-up towards April‘s peak of 168.43 can’t be ruled out.
On the flip side, the 160.00 threshold may entertain GBP/JPY bears ahead of directing them to the 50% Fibonacci retracement (Fibo.) of March-April upside, near 159.65.
It‘s worth noting, however, that a daily closing below 159.65 will need validation from March’s low surrounding 159.00 before highlighting the 61.8% Fibo level of 157.59 for the pair sellers.
To sum up, GBP/JPY buyers seem exhausted but the bears have a long way before retaking the control.
GBP/JPY: Daily chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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