GBP/JPY: Turning down – Credit Suisse

Analysts at Credit Suisse take a look at the GBP/JPY technical picture, which shows the pair pointing down.

Key quotes

“GBP/JPY seems to be rolling over having held below the 50% retracement of the downmove from December at 135.76/136.03, with medium-term moving averages crossing lower and the shorter-term Stochastic Oscillator also turning down.”

“Key short-term support is at 132.36, below which would trigger an intraday top to signal the downtrend is resuming, with next supports seen at 127.36, then the 2020 low at 124.10.”