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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 pair is in an uptrend but faces rejection at level 156. In the first downtrend, the pair fell to level 152 and resumed upward. The upward correction was terminated at level 155. The market has resumed a fresh downtrend and it is likely to revisit the previous low at level 152. If bears break below the previous low, the selling pressure will resume.
Daily Chart Indicators Reading:
The pair is at level 47 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 uptrend. The uptrend will continue if the pair remains above the moving averages.
GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a sideways move below level 155. The pair was repelled at level 155 and it fell to 151.60. The current upward move is facing resistance as the market reaches level 155. The market is rising in the overbought region as price breaks above the 21-day SMA.
4-hour Chart Indicators Reading
The currency pair is below the 20% range of the daily stochastic. The market is in a bearish momentum. It is in the oversold region of the market. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping down indicating the downtrend.
General Outlook for GBP/JPY
The GBP/JPY pair is rising after the recent breakdown. The pair is falling after its rejection from level 155. The currency pair is likely to reach the previous low at level 151.
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