Forex Opinion & Analysis

GBP/JPY Rejected Near July Highs

  • GBPJPY rebounds from its lowest level since July
  • Gets capped by the 50-day SMA and Ichimoku cloud
  • Momentum indicators suggest a cautiously bullish toneGBP/JPY

GBPJPY had been stuck in a prolonged uptrend since January, posting an eight-year high of 186.75 on August 22 before experiencing a pullback. Even though the pair attempted to rebound from its October lows and recoup some losses, its advance got rejected near the July peak of 184.00.

Should the price march higher and reclaim its 50-day simple moving average (SMA), immediate resistance could be met at the July high of 184.00. Piercing through that wall, the pair could revisit its eight-year high of 186.75. If that hurdle also fails, the price could post fresh multi-year highs, where the 190.00 psychological mark might curb further advances.

On the flipside, if the selling interest persists, the bears could attack the 180.72 support zone. Even lower, the July barrier of 179.45, which also acted as support in October, could provide additional downside protection. Breaking below that level, the price might face the October bottom of 178.05.

In brief, GBPJPY has been staging a solid rebound in the short-term, but it seems to be losing steam. Hence, a failure to reclaim the 50-day SMA could trigger a move to the downside.

Source

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