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Price breaks uptrend line, tests 150.00

  • GBP / JPY corrects further to 149.88, the lowest level since March 25.
  • The recovery above 151.15 would ease the downward pressure.

The GBP/JPY extended the slide from multi-year highs above 153.50 and fell to 149.88 on Thursday, the lowest level in two weeks. The four-hour chart points to the downside, particularly while holding below 150.60 (uptrend line).

Despite some oversold readings on technical indicators, bearish momentum remains elevated. The breakout of an uptrend line, if confirmed, would leave GBP / JPY vulnerable to further losses. Below 150.00, the next strong support is seen at 149.45, followed by 149.05. The breakout of the uptrend line suggests that GBP / JPY has peaked.

A recovery above 151.15 would ease the negative momentum of the pound. A rally above 152.00 is needed to negate the current bearish bias.

4 hour chart

Technical levels

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