- GBP/JPY remains muted in the Asian session on Monday.
- Multiple support near 149.20 keeps bulls hopeful.
- A neutral MACD echoes the wait-and-watch approach before placing any aggressive bets.
The GBP/JPY cross maintained a subdued tone in the Asian session. The cross quickly moved higher after making intraday low near 150.16 only to confide in a narrow trading range. At the time of writing, the GBP/JPY cross-currency pair is trading at 150.43, up 0.02% on the day.
GBP/JPY daily chart
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On the daily chart, after testing the high of 155.15 on June 23, the pair has been under persistent selling pressure. The descending trendline from the mentioned level acts as a defensive for the bull. The pair has a record of bouncing back from the 149.20 level in the past three-month.
Having said that, GBP/JPY consolidates below the 21-day and 50-day Simple Moving Average (SMA) confirming the case for the continuation of the downside momentum. A break of the session’s low could pull off the trigger for the key 150.00 level. A daily close below 150.00, would ask for the 149.60 horizontal support level.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is placed below the midline. Any downtick in the MACD would bring the low of September 22 at 149.01 back into action.
Moving higher, prices would meet an interim hurdle at this Friday’s high of 150.95. A close above the 151.00 level could test the 50-day SMA at 151.50 followed by the 152.00 horizontal resistance zone.
