Technical Analysis – GBPJPY plunges to 7-week low near 151.00

GBPJPY is marking an aggressive declining move, with the price currently trading near a seven-week low and around the 151.00 psychological level. 

The pair has dived beneath the 200-day simple moving average (SMA), and the technical indicators are confirming the latest descending move. The stochastic is falling towards the 20 level after posting a bearish crossover within the %K and %D lines, while the RSI is strengthening its negative momentum in the bearish area.

More losses could take the market towards the 148.45-148.90 support region, while any moves lower could meet the 142.85 support, shifting the long-term bullish structure to bearish.

On the flip side, a successful climb beyond the 200-day SMA could drive the price until the lower surface of the Ichimoku cloud around 153.52. The 20-day SMA could add some downside pressure in the same region ahead of the 40-day SMA around the 154.70 resistance. Moving higher, the next stop could be near the more-than-five-year high of 158.20.

Briefly, GBPJPY has been in a downtrend since October 20, and the broader picture is expected to remain positive unless the price breaks below 148.45-148.90. 

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