GBP/JPY Price Analysis: Bearish correction looking to extend below 149.50

GBP/JPY drops to test last week's lows amid a weaker pound across the board.
A consolidation under 149.65 would clear the way to more losses.

Matías Salord FXStreet

The GBP/JPY bottomed at 149.42 on Thursday, and then it rose back above the 149.60 area, keeping losses limited. A consolidation below 149.60 would clear the way to more losses, initially targeting the 149.00/10 zone.

The pound needs to hold above 149.60 to avoid deterioration in the already negative technical outlook. The MACD and oscillators point to weakness ahead.

An immediate resistance is seen at 150.20 while above at 150.60/70, a more relevant technical level is seen. The mentioned area consists of a horizontal resistance and also the 21-SMA in the four hours chart. A firm break above, should improve the outlook for the pound.

GBP/JPY 4-hour chart

GBP/JPY

Overview
Today last price	149.65
Today Daily Change	-0.97
Today Daily Change %	-0.64
Today daily open	150.62

Trends
Daily SMA20	151.13
Daily SMA50	150.02
Daily SMA100	145.56
Daily SMA200	141.53

Levels
Previous Daily High	150.97
Previous Daily Low	150.05
Previous Weekly High	150.83
Previous Weekly Low	149.38
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	150.4
Daily Fibonacci 61.8%	150.62
Daily Pivot Point S1	150.12
Daily Pivot Point S2	149.62
Daily Pivot Point S3	149.19
Daily Pivot Point R1	151.04
Daily Pivot Point R2	151.47
Daily Pivot Point R3	151.97

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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