The GBP/JPY currency pair on the daily time frame has been following a downtrend recently. The price fell below the key support level of 137.000 on 31 May to register the lowest level in 5 months at 136.658. The price action in the GBP/JPY is mainly driven by the weakness in the Pound Sterling.
The daily 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 141.827. Bulls must break this level in order to regain bullish sentiment in the market.
The daily 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 141.827. Bulls must break this level in order to regain bullish sentiment in the market.