- 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
|Today last price||151.15|
|Today Daily Change||-0.58|
|Today Daily Change %||-0.38|
|Today daily open||151.73|
|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|
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.