GBP/JPY fades after testing the weekly bottom the day before.
Bears are backed by sustained trading below major SMAs, trend lines, and a negative RSI.
A two-month-old horizontal line could provide a threat to further decline before the monthly bottom.
During Wednesday’s Asian session, the GBP/JPY seesaws near 153.00, unable to overcome the week’s low. Following a U-turn from a monthly resistance level, the cross-currency pair recently posted a four-day fall before the latest consolidation.
A one-week-old downward sloping trend line and continuous trading below the 200-SMA, not to mention a poor RSI, all contributed to the negative impulse.
As a result, sellers of the GBP/JPY are preparing to return to the horizontal band encompassing levels from late April, around 152.40. However, the bears may be tested later due to oversold RSI conditions and firm support.
If the price falls below 152.40, the monthly low near 151.30 and the 15.00 mark will be in focus.
A corrective pullback, on the other hand, must first take on the immediate resistance line near 153.80 before returning to the 200-SMA barrier near 154.50.
The GBP/JPY bulls, on the other hand, will remain unconvinced until the quotation falls below the monthly trend line resistance near 154.95.

Bearish trend
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