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GBP/JPY Price Analysis: Rejects 200-Day Moving Average, falls to 161.20s

Alina Haynes

Feb 16, 2023 15:01

After reaching weekly highs of 161.46, GBP/JPY declines below 161.30 during Thursday's Asian-Pacific session. GBP/JPY is bullish until it breaches significant support levels. GBP/JPY is currently trading at 161.27, 0.05 percent below its initial price.

 

The daily chart for GBP/JPY is neutral, although a climb at 161.81 would trigger the 200-day Exponential Moving Average (EMA). Before 162.00, resistance and the 100-day EMA at 161.98 must be broken. Before the daily high of 167.02 on the 20th of December, GBP/JPY would rise to 163.00.

 

The 1-hour chart for GBP/JPY displays a bearish flag with a neutral bias. The Relative Strength Index (RSI) became negative, and the Rate of Change (RoC) indicated a decline in purchasing pressure.

 

GBP/JPY is decreasing. The 50-EMA at 161.04 is the initial demand level to examine. GBP/JPY would fall to 160.72 if it breached the previous level. Once cleared, the GBP/JPY exchange rate would move toward the 100-EMA at 161.49, preceding the 200-EMA. At 159.95.


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