GBP/JPY is about to finish the week almost flat.
A multi-month downslope resistance trendline has held the GBP/JPY from re-testing YTD highs.
GBP/JPY Price Analysis: Failure to crack 164.00 can pave the way for further downside.
The GBP/JPY was rejected around 163.90s, dropping towards the mid 163.00-164.00 range as the Asian Pacific session is about to begin. A risk-off impulse in the FX space spurred a flight to safe-haven peers, like the Japanese Yen (JPY). At the time of typing, the GBP/JPY exchanges hands at 163.30.
GBP/JPY Price Action
After peaking in the week around 166.00, the GBP/JPY lost traction and extended its losses below 164.00, but the bias is still neutral to upwards. The 20-day Exponential Moving Average (EMA) at 162.00 is aiming north, 16 pips shy of the 100-day EMA. Once cleared, the GBP/JPY could continue to aim higher, but it is facing solid resistance at a five-month-old downslope resistance trendline at around 164.00.
The GBP/JPY needs to crack the trendline for a bullish continuation. Achievement of that, the GBP/JPY next resistance would be the psychological 165.00 figure, followed by the YTD high at 166.00.
Conversely, the GBP/JPY first support would be an upslope trendline drawn from mid-February. A breach of the latter will expose the 100-day Exponential Moving Average (EMA) at 162.16, followed by the 20-day EMA at 162.00
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