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- GBP/JPY Price Analysis: Bearish bias intact, looking at 152.25
GBP/JPY Price Analysis: Bearish bias intact, looking at 152.25
- Technical indicators in GBP/JPY still favors the downside.
- While under 153.00, the pound looks vulnerable to more losses.
The GBP/JPY failed to recover 153.75 and dropped back under key short-term moving averages, and currently, it stands under 153.00, at one-month lows, looking vulnerable.
The pound needs to quickly recover 153.00 in order to alleviate the bearish pressure. The negative tone will continue to prevail, while below 153.75. If the pound manages to rise above the mentioned level, it could have established an interim bottom. Above the next resistance is seen around 155.00.
While below 153.00 (horizontal level, and also the 21-SMA in four hour chart) more losses seems likely. The potential target is the 152.25 zone. If the decline continues, under 152.00 there is a strong support area at 151.60 that should limit the downside. A rebound from 151.50/60 seems likely, favoring a pause in GBP/JPY slide, before another leg lower.
GBP/JPY 4-hour chart
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