GBP/JPY Price Analysis: Extends weekly trend line breakdown below 154.00

GBP/JPY remains on the back foot around intraday low.
Bearish MACD, sustained trading below 200-HMA also favor sellers.
Descending trend line from last Wednesday adds to the upside barriers.

Anil Panchal FXStreet

GBP/JPY holds lower ground near an intraday low of 153.85, down 0.07% on a day, during Wednesday’s Asian session. In doing so, the cross-currency pair extends downside after breaking a short-term support line the previous day.

The support break also joins bearish MACD signals to keep GBP/JPY sellers hopeful unless the quote stays below the 154.00 level comprising the support-turned-resistance line.

Also acting as important upside barriers are 200-HMA and one-week-old falling trend line, respectively near 154.20 and 154.50.

In a case where GBP/JPY crosses the 154.50 hurdle, the multi-month high, flashed last week, surrounding 154.85 and the 155.00 round figure could lure the bulls.

On the flip side, a weekly low around 153.78 and a two-week-old horizontal area near 153.60, not to forget April’s high of 153.40, can entertain intraday sellers.

However, any clear downside below 153.40 will aim for March’s peak of 152.55 during the further weakness.

GBP/JPY hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	153.86
Today Daily Change	-0.11
Today Daily Change %	-0.07%
Today daily open	153.97

Trends
Daily SMA20	153.11
Daily SMA50	151.78
Daily SMA100	148.68
Daily SMA200	143.35

Levels
Previous Daily High	154.46
Previous Daily Low	153.78
Previous Weekly High	154.84
Previous Weekly Low	153.54
Previous Monthly High	153.42
Previous Monthly Low	149.06
Daily Fibonacci 38.2%	154.04
Daily Fibonacci 61.8%	154.2
Daily Pivot Point S1	153.68
Daily Pivot Point S2	153.39
Daily Pivot Point S3	153
Daily Pivot Point R1	154.36
Daily Pivot Point R2	154.75
Daily Pivot Point R3	155.04

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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