GBP/JPY trimmed some of last Friday’s losses and reclaimed 156.00.
GBP/JPY Price Analysis: Failure to crack 157.00, to pave the way towards 155.00 and beyond.
The British Pound (GBP) capped its two-day downfall and formed an inverted hammer nearly last week’s lows of 155.64, and rose above 156.00 on Monday. As the Tokyo session begins, the GBP/JPY is trading at 156.46, slightly below its opening price by 0.03%.
GBP/JPY Price Analysis: Technical outlook
The GBP/JPY remains downward biased, although the cross formed a double bottom. However, oscillators like the Relative Strength Index (RSI) at bearish territory and the Rate of Change (RoC) suggest that sellers remain in charge, even though the pair’s corrected upwards.
If the GBP/JPY fails to clear 157.00, that will open the door for further losses. Hence, the GBP/JPY first support would be 156.00. The break above will send the GBP/JPY tumbling toward the YTD Low of 155.35, followed by 155.00.
On the flip side, the GBP/JPY first resistance would be the 157.00 figure. A breach of the latte would clear the way toward January’s 13 daily high of 158.02, followed by the 159.00 figure and the 20-day Exponential Moving Average (EMA) at 159.63.
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