- GBP / JPY bottomed at 149.59, a new two-week low, and then rallied.
- The recovery encountered resistance at the uptrend line and below 151.00.
GBP / JPY posted a new correction low at 149.59, extending the decline from the multi-year high that reached above 153.00 on Tuesday. It then completed a pullback to the recently broken trend line.
The pound failed to remove the negative bias and is trading around 150.50. A consolidation below would suggest a trading range at lower levels between 149.90 and 150.50. A break below 149.90 would expose the recent low near 149.60.
Technical indicators are still pointing to the downside, but the negative momentum waned in recent hours. A recovery above 151.20 would further ease the bearish tone. The next resistance stands at 151.80.
4 hour chart
Technical levels
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