- GBP/JPY corrects lower after posting ninth consecutive weekly gains.
- Under 151.20, a bearish acceleration seems likely.
The GBP/JPY is correcting lower after hitting on Friday at 152.23, the highest level in almost two years. Recently it broke below a short-term uptrend line, accelerating the decline and fell under the 20-simple moving average in four-hour charts.
It is testing the horizontal support at 151.20/25. A consolidation below would open the doors to more losses with a target at 150.60/70 with interim support at 150.90.
If the GBP/JPY manages to hold above 151.20, it could recover some momentum. The bearish pressure will ease if it rises back above 151.60, recovering levels above the uptrend line and the 20-SMA in four hours.
The main trend continues to be bullish. After nine consecutive weekly gains, a correction seems overdue. Still, technical indicators in the daily chart offer no clear signs.
GBP/JPY 4-hour
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