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Abstract:GBP/JPY fills the week-start gap to the south around 154.50, down 0.30% intraday during early Monday morning in Asia.

GBP/JPY begins the week with a 60-pip gap-down, picks up bids of late.
100-DMA restricts immediate declines but bearish MACD signals, trend line breakdown favor sellers.
50-DMA, 12-day-old resistance line add to the upside filters, bears can aim for 50% Fibonacci retracement.
In doing so, the quote seesaws around the 100-DMA level while keeping the last weeks downside break of an upward sloping trend line from December 03 and the 50-DMA.
Given the bearish MACD signals joining the sustained downside break of the previous key supports, GBP/JPY prices are likely to decline further.
However, a daily closing below the 100-DMA level near 154.50 becomes necessary for the pair sellers to aim for the 50% Fibonacci retracement (Fibo.) of December-February upside, near 153.50.
Following that, Januarys bottom of 152.90 and 61.8% Fibo. near 152.50 will test the GBP/JPY bears.
Alternatively, a convergence of the 50-DMA and previous support line, around 155.50, restricts the short-term upside of the quote.
It should be noted that the GBP/JPY buyers remain unconvinced til the quote stays below a 12-day-old resistance line, around 156.60 by the press time.
GBP/JPY: Daily chart

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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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