GBP/JPY Reaches Bearish Exhaustion, May Reverse At Level 149.53

GBP/JPY Reaches Bearish Exhaustion, May Reverse At Level 149.53

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

GBP/JPY Price Long-term Trend: Bearish
Yesterday, the currency price broke the 21-day and 50-day SMAs. GBP/JPY is in a bearish trend zone. The implication is that the Pound is likely to further depreciate on the downside. However, there are bullish signals above level 149.00 support which indicate a possible reversal of the current trend.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY has fallen to level 43 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.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downtrend. The pair faces rejection at level 152.00 as the Pound resumed a downward move. On April 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will fall to level 1.272 Fibonacci extensions or level 149.53 and reverse. The pair will reverse to 78.6% Fibonacci retracement where it originated.

GBY/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 20% range of the daily stochastic. The market is in a bearish momentum. The pound has fallen into the oversold region of the market. Buyers are expected to emerge. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair has been retracing after its rejection from level 152.000. According to the Fibonacci tool, the market will reverse at level 1.272 Fibonacci extension or level 149.53.


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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.