GBP/JPY Price Analysis: Bears moving in at critical daily resistance

Market news

2 May 2022

GBP/JPY Price Analysis: Bears moving in at critical daily resistance

GBP/JPY is under pressure and there are prospects of lower levels agead.
A daily downside continuation could be on the cards.

GBP/JPY has corrected 50% of the prior bearish impulse and is meeting a prior structure on the daily chart. Subsequently, the cross is pressured and this could result in a downside continuation in the coming days should the support at 159.60 give out.

GBP/JPY daily chart

GBP/JPY chart

The cross on the hourly time frame is under pressure at a key support area after breaking below what is now the counter trendline and then support which is now expected to be resistantce if it is retested:

Currencies. Daily history for Monday, May 2, 2022

Commodities. Daily history for Friday, April 29, 2022

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