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  • GBP/JPY is currently flatlined just above the 200-day moving average (MA) line  of 144.58.  
  • The currency pair fell 0.39 percent yesterday and closed below the support at 144.78 (April 9 low), validating the 14-day relative strength index’s (RSI) move to the bearish territory below 50 seen on April 18.  
  • The path of least resistance, therefore, is to the downside. The 200-day MA support of 144..58 could be breached during the day ahead, allowing a drop to the  head-and-shoulders neckline support at 144.00.

Daily chart

Trend: Bearish

Pivot points