- GBP/JPY remains on the back foot around the one-week low.
- A confluence of 23.6% Fibonacci retracement and short-term rising trend line can restrict immediate declines.
- Buyers will look for a clear break beyond 143.72/80 regions for fresh entry.
Following its sustained trading below 10-Day Simple Moving Average (DMA), GBP/JPY seesaws around 143.37 during Thursday’s Asian session.
The pair now declines towards 143.00-142.90 support area comprising 23.6% Fibonacci retracement of its up moves from early September and short-term ascending trend line ranging from November 22.
Should sellers refrain from respecting the key support confluence, tops marked in October and November 18, around 141.60/50, will be on their watch-list. Though, multiple rest-points near 139.50/40 and a rising support line since early September, at 138.10 now, will restrict the pair’s further declines.
Meanwhile, lows marked in March/April close to 143.72/80 seem to offer immediate resistance ahead of the 10-DMA level of 143.90.
Given the price rally beyond 143.90, also clearing 144.00 round-figure, buyers can aim for the Monday’s low near 145.75.
GBP/JPY daily chart
Trend: Sideways
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