GBP / JPY does not benefit from the recovery in share prices.
The chart shows an intact uptrend but with bearish signals in the short term.
GBP / JPY is rising modestly on Monday. It rose earlier to 149.30 and then retraced, finding support at the 148.30 area. The price did not rise above the 20 SMA on the four-hour chart again, showing that momentum could still favor the yen.
If the pound rises above 149.10 again, it would be recovering a key level, suggesting that the correction is over. Attention would return to the 150.00 area.
On the other hand, immediate support is located at 148.30. A break to the downside should lead to further losses, targeting 147.75. Below the next level to watch is 147.35, a strong barrier. If the correction continues, an uptrend line from December reaches 145.70.
On Monday, the GBP / JPY did not make a strong recovery. The rally on Wall Street, with the Dow Jones and the Nasdaq gaining more than 2%, failed to lift the cross. The decline in GBP / USD combined with small gains in USD / JPY kept the crossover limited.
4 hour chart
Technical levels
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