GBP/JPY Drops Steeply Erasing Earlier Advance

GBP/JPY

The GBP/JPY pair had been slowly gaining ground in the past three weeks, scaling above its 50-day simple moving average (SMA) and recording continuous higher highs. However, the pair has fallen under significant downside pressure in the past two sessions.

The momentum indicators bear a negative near-term tone. Specifically, the stochastic oscillator falls after posting a bearish cross, and the RSI is descending sharply below its 50-neutral mark.

If selling interests intensify further, the recent low of 168.38 could provide initial support. If that low collapses, the bears might go for the 158.05 barriers before the May low of 155.58 appears on the radar. Any further price declines could then stall at the March low of 151.00.

On the flip side, if buyers re-emerge and push the price higher, the 50-day SMA, currently at 164.00, might pose a resistance. Piercing through that zone, the price could ascend to challenge the 166.30 regions. An upside violation of the latter may open the door for the 6-year high of 168.70.

Generally, the GBP/JPY’s short-term picture seems to be deteriorating, but it is not yet bearish. Nevertheless, an obvious upscale above the 50-day SMA might bring about the resumption of the pair’s latest rebound.

You might also like: The GBP/USD Surges High on USD’s Frailty.

Sinking Bonds Yields Aiding the Japanese Yen.

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