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  • GBP/JPY on corrective mode finds support at 149.00.
  • More losses seem likely; below 149.00, the next target stands near 148.20.

The GBP/JPY retreated further from multi-year highs and bottomed at 149.09, the lowest level since March 4. It then rebounded, losing momentum near the 150.00 area.

It is hovering around 149.70 with the negative momentum intact and in place. The short-term bias favors more losses. A break under 149.00 would target 148.20.

The negative bias will persist as long as GBP/JPY remains below the 150.50/70 area containing a trendline, the 20-SMA in four-hour charts, and a previous support. A recovery above would alleviate the bearish pressure, probably allowing some consolidation.

GBP/JPY four hour chart

GBP/JPY