GBP/JPY Continues Its Downward Move, May Find Support at Level 149.57

GBP/JPY Continues Its Downward Move, May Find Support at Level 149.57

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY is in an uptrend but currently faces rejection at level 153.00. The pound is falling after rejection at the recent high. The pound price has broken the 21-day SMA and it is approaching the 50-day SMA. A break below SMAs will accelerate the selling pressure. However, if price found support above the 50-day SMA, the pair will resume the uptrend.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair has fallen to level 46 of the Relative Strength Index period 14. This indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the previous trend.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a downtrend. The pound retested the level 151.00 to resume the downtrend. Meanwhile, on April 8, a downtrend; a retraced candle body tested the 618% Fibonacci retracement level. The retracement level indicates that the Yen will fall to level 1.618 Fibonacci extensions or level 149.57.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is still likely to fall as it approaches the oversold region of the market. According to the Fibonacci tool, the currency pair will fall to level 1.618 Fibonacci extension or level 149.57. From the price action, the pound has fallen to level 149.80.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.