GBP / JPY accelerates lower in recent hours amid risk aversion.
The cross is testing the 150.50 / 60 zone which is still a relevant technical level.
GBP / JPY turned lower after hitting 151.99, the highest level since April 7. It is trading at 150.60 after the sharp reversal, which suggests that the upside is over for the time being.
The 150.50 / 60 zone was a resistance during the previous weeks and will now act as support. Likewise, the 21 simple moving average (4-hour chart) is observed in the aforementioned area. A consolidation below 150.50 would point to further losses, with a test of 150.00 on the charts. Technical indicators are moderately skewed to the downside on the four-hour chart.
A recovery above 151.30 would ease the downward pressure. For the pound to offset the negative bias, a firm break above 152.00 is needed.
Technical levels
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