GBP/JPY Price Analysis: Correction likely to continue while below 151.00


  • GBP/JPY corrects further to 150.78, the lowest in a week.
  • Rebound back above 151.00, alleviate bearish pressure.

The GBP/JPY dropped further from multi-year highs above 153.50 and bottomed on Wednesday at 150.78, the lowest in a week. The four-hour chart still points to the downside, however, the bearish pressure eased after the recovery back above 151.00.

A confirmation under 151.00 would clear the way for another test of 150.80 and below the next target might be seen at 150.40, the 61.8% Fibonacci retracement of the last rally.

The bearish outlook remains intact. A recovery above 152.00 would reduce the odds of further losses. The pound needs to recover levels above 152.40 to remove the negative bias, increasing the possibility of a resumption of the bullish dominant trend.

GBP/JPY 4-hour chart

gbp/jpy

GBP/JPY

Overview
Today last price 151.15
Today Daily Change -0.58
Today Daily Change % -0.38
Today daily open 151.73
 
Trends
Daily SMA20 151.44
Daily SMA50 148.57
Daily SMA100 144.3
Daily SMA200 140.66
 
Levels
Previous Daily High 153.42
Previous Daily Low 151.69
Previous Weekly High 153.22
Previous Weekly Low 150.59
Previous Monthly High 152.79
Previous Monthly Low 148.12
Daily Fibonacci 38.2% 152.35
Daily Fibonacci 61.8% 152.76
Daily Pivot Point S1 151.14
Daily Pivot Point S2 150.56
Daily Pivot Point S3 149.42
Daily Pivot Point R1 152.87
Daily Pivot Point R2 154.01
Daily Pivot Point R3 154.59

 

 

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