- GBP/JPY has enjoyed a much needed stabilization at 151.50 as global equities consolidate, having taken a beating in previous sessions.
- Bears eyeing an eventual move to 149.00 support are unlikely to be discouraged after Tuesday’s modest bounce.
Although Tuesday has not been the change that some of the bulls in the GBP/JPY, the pair has enjoyed some much-needed stabilization as global stocks consolidate, after taking a beating in previous sessions. At current levels at 151.60, the pair is trading around 0.4% gains on the day and is above the midpoint of the 151.00-152.00 ranges on the day, having found good support at Monday’s lows at 151.00 .
Whether or not Tuesday’s respite can translate into a broader rally over the course of the rest of the week is the main question traders will be asking. From a technical perspective, a rally above 152.00 should not be much of a struggle, with a break above resistance just below 153.00 the real challenge. Before last Friday, this had been a key level of support so far in 2022.
As the West continues to tighten sanctions around Russia’s economy (the US announced a ban on all Russian oil imports and the UK announced measures to phase out oil imports this year), the recent increase of commodity prices can have effects. That could prevent any lasting rebound in risk-sensitive assets (such as GBP/JPY) as market participants remain concerned about stagflation. Short-term bears eyeing an eventual move to test the 149.00 support in the coming days/weeks are unlikely to be put off by Tuesday’s modest bounce. In fact, the GBP/JPY pair is still down more than 1.5% on the month.
Technical levels
GBP/JPY
| Panorama | |
|---|---|
| Last Price Today | 151.69 |
| Today’s Daily Change | 0.59 |
| Today’s Daily Change % | 0.39 |
| Today’s Daily Opening | 151.1 |
| Trends | |
|---|---|
| 20 Daily SMA | 155.31 |
| 50 Daily SMA | 155.49 |
| 100 Daily SMA | 154.31 |
| 200 Daily SMA | 153.41 |
| levels | |
|---|---|
| Previous Daily High | 152.24 |
| Previous Daily Minimum | 151.04 |
| Previous Maximum Weekly | 155.23 |
| Previous Weekly Minimum | 151.47 |
| Monthly Prior Maximum | 158.07 |
| Previous Monthly Minimum | 153.37 |
| Daily Fibonacci 38.2% | 151.5 |
| Daily Fibonacci 61.8% | 151.78 |
| Daily Pivot Point S1 | 150.68 |
| Daily Pivot Point S2 | 150.26 |
| Daily Pivot Point S3 | 149.48 |
| Daily Pivot Point R1 | 151.87 |
| Daily Pivot Point R2 | 152.65 |
| Daily Pivot Point R3 | 153.07 |
Source: Fx Street
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