GBP / JPY in corrective mode finds support at 149.00.
More losses seem likely; below 149.00, the next target is near 148.20.
GBP / JPY fell further from multi-year highs and bottomed at 149.09, the lowest level since March 4. It then rallied, losing momentum near the 150.00 area.
It is hovering around 149.70 with negative momentum intact and in place. The short-term bias favors more losses. A break below 149.00 would target 148.20.
The negative bias will persist as long as GBP / JPY remains below the 150.50 / 70 area that contains a trend line, the 20 SMA on four-hour charts, and prior support. A recovery above it would ease the downward pressure, probably allowing some consolidation.
4 hour chart
Technical levels
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