“¢ Despite showing some resilience near 50-day SMA, the cross struggled to register any meaningful recovery and remained within striking distance of near two-week lows set last Thursday.
“¢ Given that the cross has already broken through a 2-1/2 month ascending trend-line, the fact that oscillators on the daily chart have just started gaining negative traction point to further downside.
“¢ Hence, any attempted bounce towards the 146.00 handle seems more likely to be used as selling opportunities for an eventual test of the 143.75-70 region en-route the 143.00 round figure mark.
GBP/JPY daily chart
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