GBP/JPY Correction In Play!

GBP/JPY Correction In Play!

GBP/JPY reached a strong dynamic resistance and now it could develop a correction. The price is traded at 152.81 at the time of writing, a new lower low could signal more declines.

Technically, a temporary retreat is natural and somehow expected after the most recent growth. GBP is strongly bearish and it loses ground versus all its rivals and not only against JPY.

GBP/JPY H1 Chart Analysis

GBPJPY is pressuring the S1 (152.82) static support after ignoring the pivot point (153.09). The price has found strong resistance at the R1 (152.46), right on the warning line (WL1).

Closing and stabilizing below the S1 could signal a further decline. A new lower low could activate a broader retreat in the short term.

Conclusion!

GBP/JPY found strong resistance after the most recent upwards movement. A new lower low could signal a significant correction.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.