GBP/JPY Price Analysis: Testing levels under 153.50, more losses ahead

GBP/JPY extends slide to lowest in almost a week.
Chart favors more losses; next support emerges at 153.20 and then 153.00.
Consolidation below 153.50 to keep the pound under pressure.

Matías Salord FXStreet

The GBP/JPY is moving with a bearish bias. It is trading at multi-day lows under 153.50. The area around 153.50 is a key horizontal support and a break lower would point to more losses ahead, targeting the 153.00 zone.

The RSI in the four-hour chart is in line with a negative scenario. Also, price holds bell under key moving averages. The negative tone will ease with a recovery above 154.20. The next resistance stands at 154.60.

On the upside, a downtrend line is seen around the 155.00 area. If GBP/JPY breaks above it would negate the negative bias, favoring an extension to initially 155.50.

GBP/JPY 4-hour chart

GBP/JPY

Overview
Today last price	153.46
Today Daily Change	-0.19
Today Daily Change %	-0.12
Today daily open	153.65

Trends
Daily SMA20	154.64
Daily SMA50	153.49
Daily SMA100	151.57
Daily SMA200	145.19

Levels
Previous Daily High	154.54
Previous Daily Low	153.6
Previous Weekly High	155.16
Previous Weekly Low	151.32
Previous Monthly High	156.08
Previous Monthly Low	150.93
Daily Fibonacci 38.2%	153.96
Daily Fibonacci 61.8%	154.18
Daily Pivot Point S1	153.32
Daily Pivot Point S2	152.99
Daily Pivot Point S3	152.38
Daily Pivot Point R1	154.26
Daily Pivot Point R2	154.87
Daily Pivot Point R3	155.2

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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