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GBP/JPY in Neutral Bias With 161.80 Strong Resistance

ByXM Group
AuthorTrading Point
Published 02/10/2023, 04:29 AM
Updated 02/07/2024, 09:30 AM
GBPJPY is standing above the long-term uptrend line, but the short-term view seems to be neutral, finding strong resistance at 161.80.

The RSI indicator is pointing slightly down in the bearish region, while the MACD is moving sideways below its trigger and zero lines. In trend indicators, the 20- and the 200-day simple moving averages (SMAs) are flattening, mirroring the price action.

Should the pair manage to strengthen its momentum, the next resistance could come around the 50-day SMA at 161.20 and the 161.80 barrier. A break above this could challenge the 200-day SMA near 163.00, while even higher it would shift the bias to a more bullish one and open the way towards the 164.00 mark and the short-term downtrend line at 165.00.

However, if prices are unable to break above 161.80 in the next few sessions, the risk would shift back to the downside with the long-term uptrend line at 156.50 once again coming into focus as well as the three-month low of 155.30. A drop lower would take the market down to the 152.60 support and the 150.95 barrier.

Summarizing, GBPJPY is failing to endorse the broader bullish outlook, remaining below the SMAs and the 161.80 key level. 

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