Technical analysis
The price lies below EMA(50) and EMA(100)
The EMA(50) is below EMA(100), which is favourable for bears
The MACD is below 0, with the signal line pointing down
The RSI is below 50, which predicts a decline.
What the possible outcomes are
The Japanese retail sales sector did better than predicted with the latest release. This release made the GBPJPY pair bearish on the one-hour chart.
At the moment, the price is declining toward the first support level of 153.088. Beneath lies the second support level of 152.687.
If bulls defend the support level of 153.088, the price may reverse towards the resistance level of 154.223. A breakout of that level can push the price higher towards 154.596.
Key levels
Support 153.088 152.687
Resistance 154.223 154.596
