The GBP/JPY has entered in a strong bearish zone after falling nearly 150 pips in yesterday’s session. The pair had been under pressure ever since it made a high at 142.71 and the decline accelerated on strong selling pressure in the GBP. The pair is currently trading at 137.17, the immediate support is at 137.00 another support is present at 1.36.58 level. The intraday resistance is at 137.41 while other resistances can be seen at 137.65and 137.88 levels.

The pair is moved below the moving averages, the SMA-21 is indicating resistance at 139.74 and the SMA-50 is showing resistance at 137.64. The RSI is at 45 and favoring a further decline in the pair. The MACD shows a bearish crossover while the MACD line seems to be further supporting the downwards move. The pair hasn’t shown a big in today’s Asian and European session, however, the current price seems to be at a very weak support level and favors selling entry in the pair. A decent selling point would be at or near 137.35/40 with a target of 136.85. A tight stop-loss for this trade would be just above the 137.88 resistance level.

Closing below 137.00 will further support the bears and will raise the possibilities of testing the trend line support at 135.000.

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By LCMS Traders FX Analysis Team

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