GBP/JPY Price Analysis: Losses contained while above 154.80

GBP/JPY finds support again 154.80, area reinforced by uptrend line.
Pound needs to recover 155.50 to gain momentum.

Matías Salord FXStreet

The GBP/JPY continues to move with a bullish bias, but in the short term, the momentum eased. The pound needs to recover above 155.50 (horizontal resistance and 20-SMA in four hours chart) to gain momentum and point to a potential test of the 156.00 area.

The current correction from multi-year highs is being limited for now. A critical level is 154.80. A firm break below would suggest more losses ahead, with an immediate target at 154.40. Below, the next strong support stands at 153.60. With price under 155.50, the odds of another test of 154.80 remain elevated.

In the broader picture, while above 145.50/70 (long-term uptrend line) the outlook will remain constructive for the pound.

GBP/JPY 4-hour chart

GBP/JPY

Overview
Today last price	155.37
Today Daily Change	0.41
Today Daily Change %	0.26
Today daily open	154.96

Trends
Daily SMA20	154.05
Daily SMA50	152.22
Daily SMA100	149.4
Daily SMA200	143.75

Levels
Previous Daily High	155.94
Previous Daily Low	154.86
Previous Weekly High	156.08
Previous Weekly Low	153.77
Previous Monthly High	156.08
Previous Monthly Low	150.93
Daily Fibonacci 38.2%	155.27
Daily Fibonacci 61.8%	155.53
Daily Pivot Point S1	154.57
Daily Pivot Point S2	154.18
Daily Pivot Point S3	153.49
Daily Pivot Point R1	155.64
Daily Pivot Point R2	156.33
Daily Pivot Point R3	156.72

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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