GBP/JPY Price Analysis: Pound rises back above 154.00, momentum still bearish
- GBP/JPY finds support again around 153.50.
- Price continues to consolidate between 154.40 and 153.50, with bearish momentum.
The decline of GBP/JPY from the highest level in years near 155.00, found support at the 153.50 zone. The area was confirmed as a strong support and also the lower limit of the current consolidation range.
With the price under 154.40/50, the bias and the chart will favor the downside. That area contains a horizontal resistance, the upper limit of the mentioned range, and also the 21 simple moving average in the four hours chart. A break higher would strengthen the outlook for the pound.
The main trend remains bullish but the current correction could extend to a short-term trend line at 153.30. If broken, more losses seem likely, targeting 152.80. The next support stands at 152.20/30.
GBP/JPY 4-hour chart
-637571220555763245.png)
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.
