GBP/JPY Price Analysis: Sellers brace for 152.40

GBP/JPY fades bounce off weekly bottom, tested the previous day.
Sustained trading below key SMA, trend lines join downbeat RSI to back the bears.
Two-month-old horizontal line can challenge further downside ahead of monthly low.

Anil Panchal FXStreet

GBP/JPY struggles to overcome the week’s low, seesaws near 153.00, amid Wednesday’s Asian session. The cross-currency pair recently marked a four-day downtrend, before the latest consolidation, following its U-turn from a monthly resistance line.

The bearish impulse could also be traced from a one-week-old downward sloping trend line and sustained trading below 200-SMA, not to forget weak RSI.

Hence, GBP/JPY sellers are on their way to revisit the horizontal area comprising levels from late April, around 152.40. Though, likely oversold conditions of RSI and the strong support may test the bears afterward.

Should the quote drop below 152.40, the monthly low near 151.30 and the 15.00 threshold will be in the spotlight.

Alternatively, corrective pullback first needs to tackle the immediate resistance line near 153.80 ahead of revisiting the 200-SMA hurdle near 154.50.

It should, however, be noted that the GBP/JPY bulls remain unconvinced until the quote stays below monthly trend line resistance near 154.95.

GBP/JPY four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	153.01
Today Daily Change	-0.54
Today Daily Change %	-0.35%
Today daily open	153.55

Trends
Daily SMA20	154.53
Daily SMA50	153.53
Daily SMA100	151.66
Daily SMA200	145.29

Levels
Previous Daily High	154.23
Previous Daily Low	153.39
Previous Weekly High	155.16
Previous Weekly Low	151.32
Previous Monthly High	156.08
Previous Monthly Low	150.93
Daily Fibonacci 38.2%	153.71
Daily Fibonacci 61.8%	153.91
Daily Pivot Point S1	153.22
Daily Pivot Point S2	152.88
Daily Pivot Point S3	152.38
Daily Pivot Point R1	154.06
Daily Pivot Point R2	154.57
Daily Pivot Point R3	154.9

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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