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Abstract：GBP/JPY rebounds from the lowest levels since late March, picking up bids near 159.05 during Thursdays Asian session, as bears lose control near the strong support zone.
GBP/JPY pares recent losses around the key support area.
Bearish MACD signals, downbeat RSI test buyers below three-week-old resistance.
The cross-currency pairs previous weakness could be linked to the clear downside break of the 50-DMA, as well as bearish MACD signals and an absence of oversold RSI.
However, a horizontal area from October 2021 around 157.75-158.25, also comprising the 100-DMA, appears a tough nut to crack for the pair bears.
Should the GBP/JPY prices fail to recover from 157.75, a gradual south-run towards late November 2021 top surrounding 154.75 cant be ruled out. Though, a five-month-long ascending support line near 152.55 will challenge the bears afterward.
Alternatively, recovery moves need to cross the 50-DMA level of 160.30 to challenge a downward sloping resistance line from April 20, close to 161.25 by the press time.
In a case where GBP/JPY rises past 161.25, highs marked during March and April, near 164.65 and 168.45 respectively, will be in focus.
GBP/JPY: Daily chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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