GBP/JPY Price Analysis: Bears remain in control, key 50-DMA support eyed
|- GBP/JPY extends decline for the second straight session.
- Rejection above 21-DMA exposes the 50-DMA support once again.
- RSI has turned bearish while the cross wavers within a triangle.
GBP/JPY is extending losses into the second straight day on Wednesday, as the sellers have regained control after failing to find a foothold above the horizontal 21-daily moving average (DMA) at 150.98.
The 14-day Relative Strength Index (RSI) has also crossed over and entered the bearish territory, advocating the recent downside.
Therefore, the sellers now target the critical upward-sloping 50-DMA at 150.02 if the bearish pressures intensify.
On the flip side, recapturing the 21-DMA is critical to reviving the upside momentum, with a test of the triangle resistance at 151.98 on the cards.
Note that that spot is trading within a descending triangle formation since mid-March.
GBP/JPY daily chart
GBP/JPY additional levels to watch
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