18 Dec 2019
GBP/JPY Price Analysis: Pound under pressure below 144.00 handle vs. yen
- GBP/JPY erased the UK election bull spike.
- The bears could drive the spot al the way down to the 141.00 figure.
GBP/JPY daily chart
The cross is pulling back down sharply after the huge bullish spike, which happened on the UK election-day. The spot is nearing the 143.00 handle while trading above the main daily simple moving averages (DMAs).
GBP/JPY four-hour chart
As the bears broke below the 144.00 handle, there might be no critical support before the 141.00 handle. Bulls might have a hard time to recover the ground lost. Meanwhile, a retest of 144.00 and 145.30 could be possible, though. However, bulls would need a daily close above the 146.85 resistance levels in order to resume the bull trend towards the 148.00 and 149.00 handles.
Additional key levels