GBP/JPY Price Analysis: Falls to 4-month lows around 157.40s

GBP/JPY drops below a three-month-old upslope trendline, down since last week’s high close of around 3%.
The RSI at oversold conditions suggests the GBP/JPY could be bottoming, but the RoC suggests that sellers remain in charge.
GBP/JPY Price Analysis: Break below 157.00 would exacerbate a fall to 154.00.

Christian Borjon Valencia FXStreet

The GBP/JPY plunged more than 100 pips on Monday, extending its losses to three consecutive days, once price action dived below the 200-day Exponential Moving Average (EMA). Furthermore, the cross of the 20-day EMA beneath the 200-day EMA exacerbated the acceleration of the downtrend, as the GBP/JPY gets poised to fall toward the 155.00 mark. At the time of writing, the GBP/JPY is trading at 157.46, below its opening price by 0.69%.

GBP/JPY Price Analysis: Technical outlook

After clearing a three-month-old upslope support trendline drawn from September lows around 148.60s, the GBP/JPY fall increased its velocity. Last Thursday, the GBP/JPY formed a bearish engulfing candle pattern, followed by a tall red candle that cleared on its way south of the 160.00 figure and the previously mentioned trendline. Oscillators like the Relative Strength Index (RSI) entered oversold conditions, while the Rate of Change (RoC) shows that sellers remain gathering momentum. Therefore, the GBP/JPY might continue to fall further.

Therefore the GBP/JPY first support would be the September 29 daily low of 155.60, followed by the 155.00 mark, ahead of the September 27 swing low of 154.07.

As an alternate scenario, if GBP/JPY buyers reclaim 159.00, that could open the door to 160.00, close of the previously mentioned upslope trendline, which would be resistance, ahead of the 20-day EMA at 161.86.

GBP/JPY Key Technical Levels

GBP/JPY

Overview
Today last price	157.56
Today Daily Change	-1.14
Today Daily Change %	-0.72
Today daily open	158.7

Trends
Daily SMA20	164.03
Daily SMA50	166.02
Daily SMA100	164.47
Daily SMA200	163.76

Levels
Previous Daily High	160.53
Previous Daily Low	157.84
Previous Weekly High	162.34
Previous Weekly Low	157.84
Previous Monthly High	169.28
Previous Monthly Low	157.84
Daily Fibonacci 38.2%	158.87
Daily Fibonacci 61.8%	159.51
Daily Pivot Point S1	157.52
Daily Pivot Point S2	156.33
Daily Pivot Point S3	154.82
Daily Pivot Point R1	160.21
Daily Pivot Point R2	161.72
Daily Pivot Point R3	162.9

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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