GBPJPY continues its retreat from its early-January high amid persisting negative forces. Moreover, the pair has recently crossed below its 200-period simple moving average after breaking under its 50-period SMA, supporting its cautiously bearish outlook.
Short-term momentum indicators are reflecting a mixed picture as the RSI is located below its 50 neutral mark. However, the MACD is found above its red signal line despite being in negative territory, which indicates that the negative momentum might be fading.
Should the bears maintain control, immediate support might be found at the 153.03 hurdle before sellers eye the 152.62 barrier. A break below that point could open the door towards the 151.10 obstacle. A decisive move below the latter could increase selling pressures, sending the price to test the 149.49 level before sellers shift their attention towards the September and December low at 151.10.
On the flip side, if the bulls seize control, initial resistance might be found at the 200-period SMA currently at 154.16. Crossing above that point buyers might then target the region which includes the 154.88 barrier and the 50-period SMA currently at 155.08. A break above this area could turn the fortunes around for the pair, sending the price to test the 155.43 and 156.06 hurdles sequentially.
In brief, the current outlook for the pair is cautiously bearish. For sentiment to change, buyers would need to break above the 50-period SMA.
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