GBPJPY remains under pressure but is consolidating around a key level at 140.00. The trend from early August turned increasingly bearish, with a sequence of lower highs and lower lows.
In the immediate term, momentum signals are neutral based on a lack of clear direction from the RSI and MACD. The flat Tenkan-sen and Kijun-sen lines are confirming a neutral phase the market has entered into now.
Near-term resistance is expected at the key 141.00 level. Breaking it would shift the focus to the upside to other key levels that would provide resistance at 142.00 and 143.00. A move to 144.00 would indicate a change from the bearish short-term market structure to a neutral-bullish one.
Immediate support lies at the key 140.00 level and from here the August 24 low of 139.30 is within sight. A break below this would risk pushing GBPJPY to levels last seen on June 12 at 138.66.
A deeper decline from 138.66 would shift the overall trend on the daily chart to bearish from neutral. The broader technical picture remains overwhelmingly bearish based on the alignment of daily trend and momentum indicators. The market is below the daily Ichimoku cloud and the Tenkan-sen is below the Kijun-sen line.
