GBP/JPY Price Analysis: Price retreats to trendline, likely to test again 150.00
|- GBP/JPY bottomed at 149.59, a fresh two-week low, and then rebounded.
- The recovery found resistance at the uptrend line and under 151.00.
The GBP/JPY printed a fresh correction low at 149.59, extending the decline from the multi-year high it reached on Tuesday above 153.00. Then it completed a pullback to the recently broken trendline.
The pound failed to remove the negative bias and it is trading around 150.50. A consolidation below would suggest a range trading at lower levels between 149.90 and 150.50. A break under 149.90 would expose the recent low near 149.60.
Technical indicators still points to the downside, but the negative momentum eased over the last hours. A recovery above 151.20 would alleviate further the bearish tone. The next resistance stands at 151.80.
GBP/JPY 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.