GBP/JPY supported by the 200 SMA at H1 chart

GBP/JPY supported by the 200 SMA at H1 chart

The pair has found resistance in the psychological level of 152.00 and now it’s looking to retrace around 50%, according to our Fibonacci forecast. GBP/JPY should make a break below the 200 SMA at H1 chart in order to allow a leg lower that touches the 50% Fibo level at 150.70. If the pair manages to rebound around that area, the next target lies at -23.6% in the 152.61 level.

RSI indicator remains in favor of the bears.

GBPJPYH1.png

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