GBP/JPY Price Analysis: Bears flirt with key support line around 150.00

GBP/JPY picks up bids after refreshing three week low.
An ascending trend line from February 26 tests bears.
Bulls need to cross 200-SMA for fresh entries.

Anil Panchal FXStreet

GBP/JPY prints mild gains while picking up bids near 150.06 ahead of Wednesday’s London open. In doing so, the quote keeps bounce off a seven-week-old support line.

While RSI recovery backs the quote’s corrective pullback from the key trend line support, 200-SMA level of 150.91 becomes a tough nut to crack for the bulls.

However, extended recovery towards 50% Fibonacci retracement level of late-February to early April rise, around 150.40, can’t be ruled out.

Alternatively, a 61.8% Fibonacci retracement level of 149.70 can act as immediate support ahead of highlighting the stated support line, near 149.60, for the GBP/JPY bears.

In a case where GBP/JPY remains depressed below 149.60, March 24 low close to 148.50 will be in the spotlight.

Overall, GBP/JPY remains pressured but the bears need validation.

GBP/JPY four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	150.05
Today Daily Change	0.08
Today Daily Change %	0.05%
Today daily open	149.97

Trends
Daily SMA20	151.14
Daily SMA50	149.28
Daily SMA100	144.89
Daily SMA200	141.06

Levels
Previous Daily High	150.83
Previous Daily Low	149.68
Previous Weekly High	153.42
Previous Weekly Low	149.59
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	150.12
Daily Fibonacci 61.8%	150.39
Daily Pivot Point S1	149.48
Daily Pivot Point S2	149
Daily Pivot Point S3	148.33
Daily Pivot Point R1	150.64
Daily Pivot Point R2	151.31
Daily Pivot Point R3	151.8

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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