GBP/JPY Price Analysis: Recovery remains elusive below 161.15

• GBP/JPY bounces off an eight-day low as it pares recent losses.
• Impending bear cross on MACD, sustained break of 200-DMA favor sellers.
• Five-month-old horizontal support lures bears, 61.8% Fibonacci retracement level adds to the upside filters.

GBP/JPY prints a corrective pullback as it regains the 160.00 threshold during a bounce off the weekly low.

Even so, the cross-currency pair remains bearish as it keeps the previous day’s downside break of the 200-DMA and the 61.8% Fibonacci retracement level, also known as the golden ratio, of the June-September downside.

Also adding strength to the bearish bias is the steady RSI (14) and the looming bear cross of the MACD line to the signal line.

That said, the quote’s current downside remains directed towards the 50% Fibonacci retracement level of 158.78 ahead of challenging the September 26 swing high near 157.20.

However, a horizontal area including level marked since May, around 155.60-40, appears a tough nut to crack for the bears.

Alternatively, recovery moves may aim for the 200-DMA and the so-called golden ratio, respectively around 160.70 and 161.15.

Following that, August month’s peak close to 164.00 and the current monthly top of 165.72 could gain the market’s attention.

GBP/JPY: Daily chart

Trend: Bearish