GBP/JPY Price Analysis: Pound looks vulnerable below 181.00

The Sterling is under increasing bearish pressure aiming to levels sub-180.
Trading volume is light in the last session of the year.
Below 180.00 the target will be October and November lows at the 178.10/30 area.

Guillermo Alcala FXStreet

The Sterling trades under increasing bearish pressure after breaking below the base of a triangle pattern, at 180.80. The frail upside attempt seen on early Friday Trading has remained limited at the mid-range of 180.00, and the pair is testing support at the 179.85 level at the moment of writing.

Trading volume is very light on the last working day of the year, leading to choppy movement in most of the major pairs.

Technical indicators point lower, with the RSI well below the 50 level. Bears would need to confirm below the mentioned 179.45 which would expose the mid-December low, at 178.30, and the October 3 low, at 178.10.

On the upside, a bullish reaction above the reverse trendline, now at 181.00 would ease downside pressure and put the 182.35 resistance level back into play.

GBP/JPY 4-hour chart

Technical levels to watch

GBP/JPY

Overview
Today last price	179.92
Today Daily Change	-0.09
Today Daily Change %	-0.05
Today daily open	180.01

Trends
Daily SMA20	182.24
Daily SMA50	184.02
Daily SMA100	183.69
Daily SMA200	179.07

Levels
Previous Daily High	181.58
Previous Daily Low	179
Previous Weekly High	184.18
Previous Weekly Low	179.79
Previous Monthly High	188.67
Previous Monthly Low	182.75
Daily Fibonacci 38.2%	179.99
Daily Fibonacci 61.8%	180.59
Daily Pivot Point S1	178.82
Daily Pivot Point S2	177.62
Daily Pivot Point S3	176.24
Daily Pivot Point R1	181.39
Daily Pivot Point R2	182.77
Daily Pivot Point R3	183.96

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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