GBP/JPY Falls, Struggles below Level 156.00

GBP/JPY Falls, Struggles below Level 156.00

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. On Mat 27, the pair reached the high of level 156.00. The currency pair was resisted as the market resumed a downward move. The uptrend will resume if price retraces and finds support above the moving averages. The selling pressure will persist if price breaks below the moving averages.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY is at level 59 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair is facing rejection twice at level 156.00. On June 1 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement. The pair is likely to fall to level 2.618 Fibonacci extension or level 152.79,

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair has fallen below the 80% range of the daily stochastic. The market is in a bearish momentum. The stochastic bands are sloping downward. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/JPY
The GBP/JPY pair is facing rejection at the recent high. The market fell and broke below the moving averages. The selling pressure is likely to continue on the downside.


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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.