- The GBP / JPY pair starts the week with a modest pop at 131.00.
- The level to beat for sellers is the figure of 130.00.
Four-hour GBP / JPY chart
GBP / JPY is trading below its main SMA on the four-hour chart while recording lows and lows, suggesting negative momentum as the currency crosses the 6-week lows. Sellers remain in full control and further price cuts are expected, with the spot likely targeting the price levels of 130.00, 129.45 and 128.81 downward. On the other hand, recent pop has found strong resistance near the 130.80 level. Higher are levels 131.46 and 132.29.
Resistance: 130.80, 131.46, 132.29
Support: 130.00, 129.45, 128.81