GBP/JPY Retraces From The Recent High, Further Selling Likely

GBP/JPY Retraces From The Recent High, Further Selling Likely

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
GBP/JPY is in a downward move after its rejection at level 153.00. The pair has fallen and broken below the 21-day SMA and it is approaching the 50-day SMA. The selling pressure will resume if price breaks and closes below the 50-day SMA. However, there is an indication of a further downward move.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY has fallen to level 44 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 downward.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a downtrend. The pair is capable of falling on the downside. On April 9 downtrend; a retraced candle body tested the 618% Fibonacci retracement level. The retracement l indicates that the Yen will fall to level 1.618 Fibonacci extensions or level 148.04.

GBP/JPY – 3 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 25% 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
 GBP/JPY pair is in a bearish momentum. The pair has been falling consistently. Presently, price is hovering above the 50-day SMA support. A break below the support will mean a downward move on the downsides.


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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.