The GBP/JPY currency pair on the 4-hour time frame has been following a downtrend recently. The price dipped below the key support level of 144.786 on 23 April. The price action in the GBP/JPY is mainly driven by the weakness in the Pound Sterling. The price is currently hovering around 144.490, with negative MACD and RSI below 50.
The 4-hour chart of the GBP/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 146.545. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the GBP/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 146.545. Bulls must break this level in order to regain bullish sentiment in the market.