- GBP / JPY further corrects to 150.78, the lowest level in a week.
- It bounces back above 151.00 again, easing downward pressure.
The GBP/JPY It fell further from multi-year highs above 153.50 and bottomed Wednesday at 150.78, the lowest level in a week. The four-hour chart is still pointing to the downside, however bearish pressure eased after the recovery above 151.00.
A confirmation below 151.00 would clear the way for another test of 150.80 and below the next target could be seen at 150.40, the 61.8% Fibonacci retracement of the last rally.
The bearish outlook remains intact. A recovery above 152.00 would reduce the chances of further losses. The pound needs to regain levels above 152.40 to remove the negative bias, increasing the possibility of a resumption of the dominant uptrend.
4 hour chart
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
