GBP/JPY Daily Analysis
GBP/JPY gained nearly 100 pips to close at 168.30 and is currently trading almost unchanged in the Asian session. The intraday resistance levels are at 168.67 and 168.79. The near-term support levels are at 167.90 and 167.63.
Yesterday’s closing above the 168.00 resistance area is now suggesting a further rise in this week. The pair is keeping above the moving averages. The SMA-14 support line is at 163.66 and the SMA-50 support area is at 158.23. The mid-band is at 162.83 while the upper and lower bands are at 167.62 and 158.03. Based on the intraday price pattern and following the strength of the ongoing trend the pair is likely to gain further which makes it ideal for buy entries. A decent buying entry will be at or near 168.00 with an intraday target of 50 to 70 pips and a stop-loss at 167.70.
Another closing above the 168.00 level will ensure a further higher weekly closing. On the downside, bears require a sustained price action below the 167.60 support level to get back into the game.
