GBP/JPY Technical Analysis: Set-up remains in favor of bearish traders ahead of UK macro data/Brexit vote
|• Despite the recent Brexit drama, the cross has been finding some support ahead of the 144.00 handle and has also managed to defend monthly lows.
• However, given the recent break below 2-1/2-month-old ascending trend-line support, the technical set-up seems to have shifted in favor of bearish traders.
• The overnight slide below 50-day SMA for the first time since late-Jan. points to increasing selling bias and adds credence to the near-term negative outlook.
• Oscillators on the daily chart have just started gaining negative momentum and hence, a sustained breakthrough the 143.75-70 region might prompt some additional selling.
• Below the mentioned support, the cross is likely to turn vulnerable to accelerate the slide further towards 143.30 intermediate support en-route the 143.00 handle.
GBP/JPY daily 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.