- GBP / JPY falls to test last week’s lows amid a weaker pound across the board.
- A consolidation below 149.65 would clear the way for more losses.
The GBP/JPY it bottomed out at 149.42 on Thursday and then rose again above the 149.60 area, keeping losses limited. A consolidation below 149.60 would clear the way for further losses, initially targeting the 149.00 / 10 zone.
The pound should stay above 149.60 to avoid deterioration of the already negative technical outlook. The MACD and the oscillators point to a weakness in the future.
Immediate resistance is seen at 150.20 while above 150.60 / 70, a more relevant technical level is seen. The mentioned area consists of a horizontal resistance and also the 21 SMA on the four-hour chart. A firm break above should improve the outlook for the pound.
4 hour chart
Technical levels
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