GBP/JPY Daily Analysis
GBP/JPY is gaining after a small correction in the last week. The pair is currently trading at 162.11 and the intraday bias remains on the upside. The near-term support areas are at 162.00 and 161.68. The intraday resistance levels are at 162.47 and 162.76.
The RSI is currently at 66 while the pair is also keeping above the moving averages. The SMA-14 support line is at 160.41 and the SMA-50 support area is way below at 156.38. The mid-band is at 158.54 while the upper and lower bands are at 164.99 and 152.08 respectively. The intraday price pattern suggests a further rise which makes the pair ideal for buy entries at or near 162.00 with a target of 60 to 70 pips and a stop-loss at 161.66.
Bears require a sustained price action near 162.00 to drag the price lower. Failing to achieve that will continue supporting the bulls and the possibility of a move above 163.50 will be higher towards the end of this week.
