17 Dec 2019
GBP/JPY Price Analysis: Pound correction extends against yen, all eyes on 144.00 handle
- GBP/JPY is erasing the UK election bull spike.
- The level to beat for bears is the 144.00 support.
GBP/JPY daily chart
The cross is correcting down after the massive bullish spike seen on the UK election-day. The spot is trading just above the 144.00 handle while above the main daily simple moving averages (DMAs).
GBP/JPY four-hour chart
GBP/JPY is in a bull flag while trading above the main SMAs on the four-hour chart. Bulls will need to break above the 145.30/146.85 resistance levels in order to resume the bull trend towards the 148.00 and 149.00 handles. However, if the bears break below the 144.00 handle, there might be no significant support before the 141.00 handle.
Additional key levels