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.

Dhwani Mehta FXStreet

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

GBP/JPY

Overview
Today last price	150.32
Today Daily Change	-0.39
Today Daily Change %	-0.26
Today daily open	150.72

Trends
Daily SMA20	151.04
Daily SMA50	149.91
Daily SMA100	145.45
Daily SMA200	141.45

Levels
Previous Daily High	151.98
Previous Daily Low	150.57
Previous Weekly High	150.83
Previous Weekly Low	149.38
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	151.11
Daily Fibonacci 61.8%	151.44
Daily Pivot Point S1	150.2
Daily Pivot Point S2	149.68
Daily Pivot Point S3	148.78
Daily Pivot Point R1	151.61
Daily Pivot Point R2	152.5
Daily Pivot Point R3	153.02

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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