Technical analysis
The RSI is under line 50 but close to the oversold zone, indicating a possible correction upwards
The Ichimoku indicator shows that the price is under the Tenkan-sen line and the Kijun-sen, signifying bearish sentiment
The MACD is showing that the downtrend may prevail.
What the possible outcomes are
In our most likely scenario, GBPJPY may experience a downwards correction towards the first support level of 151.397.
If the downwards correction falls below the first support level, we can expect a continued downtrend towards the second support level of 150.786.
Conversely, it’s possible to see the pair rise towards the first resistance level of 152.598.
If the pair manages to surpass the first resistance level, we should expect a continued surge towards the second resistance level of 153.141.
Key levels
Support 150.786 151.397
Resistance 152.598 153.141
