GBP/JPY Price Analysis: Poised for further losses around mid-151.00s


  • GBP/JPY prints five-day downtrend, extends 11-week-old support break.
  • Bearish MACD favor further weakness but RSI probes the bears near the key supports.
  • 152.30 guards immediate upside, 100-day SMA and four-month-old support line lures bears.

GBP/JPY stays pressured for the fifth consecutive day as bears attack early May’s lows, down 0.45% around 151.50, ahead of Monday’s London open.

Although the oversold RSI conditions seem to test the pair bears of late, sustained break of previous support from April and most bearish MACD signals since late March keep the pair sellers hopeful.

On the way down, a 100-day SMA level of 151.13 can offer immediate support to the quote ahead of an ascending support line from late February, around 150.70.

During the quote’s further weakness past 150.70, the 150.00 psychological magnet and April’s bottom surrounding 149.00 could test GBP/JPY bears.

Meanwhile, the corrective pullback may aim for 152.30-40 region comprising multiple tops marked since March before targeting the previous horizontal support around 153.45-50.

It’s worth noting that 154.85 and the 156.00 threshold become the key hurdles during the GBP/JPY upside beyond 153.50.

Overall, GBP/JPY is yet to announce its bearish journey but short-term declines can’t be ruled out.

GBP/JPY daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 151.5
Today Daily Change -0.64
Today Daily Change % -0.42%
Today daily open 152.14
 
Trends
Daily SMA20 154.79
Daily SMA50 153.09
Daily SMA100 151.05
Daily SMA200 144.73
 
Levels
Previous Daily High 153.78
Previous Daily Low 152
Previous Weekly High 155.49
Previous Weekly Low 152
Previous Monthly High 156.08
Previous Monthly Low 150.93
Daily Fibonacci 38.2% 152.68
Daily Fibonacci 61.8% 153.1
Daily Pivot Point S1 151.5
Daily Pivot Point S2 150.85
Daily Pivot Point S3 149.71
Daily Pivot Point R1 153.28
Daily Pivot Point R2 154.43
Daily Pivot Point R3 155.07

 

 

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