GBP/JPY Price Analysis: Upside ends abruptly, tests key short-term support

GBP/JPY accelerates to the downside during the last hours, amid risk aversion.
Price is testing the 150.50/60 area that continues to be a relevant technical level.

Matías Salord FXStreet

The GBP/JPY turned to the downside after hitting at 151.99, the highest level since April 7. It is trading at 150.60 after the sharp reversal, suggesting the upside is over for the moment.

The 150.50/60 area was a resistance during the previous weeks and now will act as support. Also, at the mentioned area the 21 simple moving average is seen (4-hour chart). A consolidation below 150.50 would point to further losses, with a test of 150.00 on the cards. Technical indicators are biased modestly to the downside in the four-hour chart.

A recovery back above 151.30 would alleviate the bearish pressure. For the pound to offset the negative bias, a firm break above 152.00 is needed.

GBP/JPY 4-hour chart

GBP/JPY

Overview
Today last price	150.85
Today Daily Change	-0.47
Today Daily Change %	-0.31
Today daily open	151.32

Trends
Daily SMA20	150.97
Daily SMA50	149.78
Daily SMA100	145.35
Daily SMA200	141.37

Levels
Previous Daily High	151.35
Previous Daily Low	149.89
Previous Weekly High	150.83
Previous Weekly Low	149.38
Previous Monthly High	152.79
Previous Monthly Low	148.12
Daily Fibonacci 38.2%	150.79
Daily Fibonacci 61.8%	150.45
Daily Pivot Point S1	150.36
Daily Pivot Point S2	149.39
Daily Pivot Point S3	148.9
Daily Pivot Point R1	151.82
Daily Pivot Point R2	152.32
Daily Pivot Point R3	153.28

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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