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- GBP/JPY Price Analysis: 100-DMA challenges recovery from two-month low
GBP/JPY Price Analysis: 100-DMA challenges recovery from two-month low
- GBP/JPY picks up bids to refresh intraday high, snaps two-day downtrend.
- Bearish MACD signals, downbeat RSI keep sellers hopeful to retest 200-DMA.
- One-month-old falling trend line adds to the downside filters.
GBP/JPY prints the highest daily gains in a fortnight as buyers flirt with 157.80 during Friday’s Asian session.
The cross-currency pair’s latest rebound from the lowest levels since March, marked the previous day, lacks support from the RSI, as well as the MACD.
As a result, the 100-DMA level, surrounding 158.00, probes the GBP/JPY buyers, making it difficult to reverse the monthly bearish trend.
Even if the quote rises past 158.00, a downward sloping trend line from April 20, near 160.80 by the press time, appears a tough nut to crack for the bulls, which in turn will trigger the run-up targeting the 164.00 level.
Meanwhile, pullback moves may retest the 157.00 threshold but will be challenged by the 200-DMA, around 155.20 at the latest.
Following that, the yearly lows surrounding 151.00 and the 150.00 psychological magnet will lure the GBP/JPY bears.
GBP/JPY: Daily chart
Trend: Bearish
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