- GBP / JPY finds support again around 153.50.
- The price continues to consolidate between 154.40 and 153.50, with downward momentum.
The fall of GBP/JPY from the highest level in years near 155.00, it found support at the 153.50 area. The area was confirmed as strong support and also the lower bound of the current consolidation range.
With the price below 154.40 / 50, the bias and the chart will favor the downside. That area contains horizontal resistance, the upper bound of the mentioned range, and also the 21 simple moving average on the four-hour chart. A break to the upside would strengthen the outlook for the pound.
The main trend is still bullish, but the current correction could extend to a short-term trend line at 153.30. If it breaks down, further losses seem likely, targeting 152.80. The next support is at 152.20 / 30.
4 hour chart
Technical levels
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