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GBP/JPY Price Analysis: The 200-day exponential moving average is exerting selling pressure near 162.00

Alina Haynes

Dec 29, 2022 11:48

 GBP:JPY.png

 

In the early Tokyo session, the GBP/JPY pair has encountered selling pressure as it attempts to surpass immediate resistance at 161.50. The cross has dropped sharply after failing to sustain significant resistance above 162.00. The asset is under pressure following a four-day gaining streak despite the Bank of Japan's (BOJ) announcement of a dovish policy stance in its summary of ideas.

 

The GBP/JPY pair saw a significant decrease after failing to sustain above the 200-period Exponential Moving Average (EMA) at 162.13 on an hourly scale. At 161.38, the cross is near to the 20-exponential moving average (EMA), indicating that the future is likely to be stressful. On a larger scale, potential support is indicated by the 21 December high near 161.00.

 

In the meantime, the Relative Strength Index (RSI) (14) has decreased from the bullish region of 60.00-80.00 to the neutral region of 40.00-60.00, suggesting that the upward momentum has ceased; however, the upside bias has not yet been lost.

 

For an upward move, the pair must surpass the December 28 high of 162.34, which will drive the cross toward the November 11 low of 163.00 and the December 2 low of 164.00.

 

Alternately, a violation of the high from December 21 around 161.00 would take the asset toward the low from December 26 at 160.19, then the low from December 21 at 159.50.

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