GBP/JPY picks up bids after refreshing three week low. An ascending trend line from February 26 tests bears. Bulls need to cross 200-SMA for fresh entries. GBP/JPY prints mild gains while picking up bids near 150.06 ahead of Wednesday’s London open. In doing so, the quote keeps bounce off a seven-week-old support line. While RSI recovery backs the quote’s corrective pullback from the key trend line support, 200-SMA level of 150.91 becomes a tough nut to crack for the bulls. However, extended recovery towards 50% Fibonacci retracement level of late-February to early April rise, around 150.40, can’t be ruled out. Alternatively, a 61.8% Fibonacci retracement level of 149.70 can act as immediate support ahead of highlighting the stated support line, near 149.60, for the GBP/JPY bears. In a case where GBP/JPY remains depressed below 149.60, March 24 low close to 148.50 will be in the spotlight. Overall, GBP/JPY remains pressured but the bears need validation. GBP/JPY four-hour chart Trend: Further weakness expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/GBP Price Analysis: Bulls face challenges approaching 0.8700 FX Street 2 years GBP/JPY picks up bids after refreshing three week low. An ascending trend line from February 26 tests bears. Bulls need to cross 200-SMA for fresh entries. GBP/JPY prints mild gains while picking up bids near 150.06 ahead of Wednesday's London open. In doing so, the quote keeps bounce off a seven-week-old support line. While RSI recovery backs the quote's corrective pullback from the key trend line support, 200-SMA level of 150.91 becomes a tough nut to crack for the bulls. However, extended recovery towards 50% Fibonacci retracement level of late-February to early April rise, around 150.40, can't be ruled out.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
