GBP/JPY Price Analysis: Hovers below 152.20 resistance confluence

GBP/JPY seesaws around 10-week low, holds onto Friday’s downside break of key support.
Bearish MACD hints at further downside towards the 150.00 threshold.
200-DMA, descending trend line from February also challenges buyers.

Anil Panchal FXStreet

Having conquered the 152.00 support confluence, now resistance, GBP/JPY remained sidelined around 152.00 during the mid-Asian session on Monday.

Even so, the bearish MACD conditions and sustained trading below the 61.8% Fibonacci retracement (Fibo.) of July-October 2021 upside, as well as the three-month-old ascending trend line, keeps sellers hopeful.

That said, early December 2021 tops near 151.10 may offer an intermediate halt during the south-run to the 150.00 round figure.

However, lows marked during September and December 2021, around 149.00 will be a tough nut to crack for the pair sellers before directing them to the year 2021 bottom surrounding 148.45.

Alternatively, recovery moves remain elusive below the 152.20 resistance confluence.

Following that, 153.00 and 10-DMA level surrounding 154.15 could entertain short-term GBP/JPY buyers ahead of directing them to the descending trend line from late February, near 154.75.

GBP/JPY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	151.58
Today Daily Change	-0.54
Today Daily Change %	-0.35%
Today daily open	152.12

Trends
Daily SMA20	155.55
Daily SMA50	155.55
Daily SMA100	154.37
Daily SMA200	153.43

Levels
Previous Daily High	154.23
Previous Daily Low	151.47
Previous Weekly High	155.23
Previous Weekly Low	151.47
Previous Monthly High	158.07
Previous Monthly Low	153.37
Daily Fibonacci 38.2%	152.52
Daily Fibonacci 61.8%	153.18
Daily Pivot Point S1	150.98
Daily Pivot Point S2	149.85
Daily Pivot Point S3	148.22
Daily Pivot Point R1	153.74
Daily Pivot Point R2	155.37
Daily Pivot Point R3	156.5

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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