- GBP / JPY corrects lower after gaining for the ninth week in a row.
- Below 151.20, a bearish acceleration seems likely.
The GBP/JPY it is correcting lower after hitting 152.23 on Friday, the highest level in nearly two years. It recently broke below a short-term uptrend line, accelerating the decline and falling below the 20 simple moving average on four-hour charts.
It is testing horizontal support at 151.20 / 25. A consolidation below would open the door to further losses with a target at 150.60 / 70 with interim support at 150.90.
If GBP / JPY manages to stay above 151.20, it could regain some momentum. Bearish pressure will ease if it rises above 151.60 again, recovering levels above the uptrend line and the four-hour 20 SMA.
The main trend is still bullish. After nine consecutive weekly gains, a correction appears to be overdue. Still, the technical indicators on the daily chart do not offer clear signals.
4 hour chart
Technical levels
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