GBPJPY is on course for completing a significant bearish session in the 4-hour chart after its dip below the 38.2% Fibonacci retracement level of the downleg from 153.80 to 143.20, around 147.25. The sharp sell-off, especially since yesterday, has shifted the near-term bias from positive to negative. Also, the momentum indicators are supportive of the bearish picture.
In the near-term, the RSI indicator dipped below the 50 level after it bounced off the overbought area, while the MACD oscillator lies below the trigger but holds above the zero line.
Immediate support is being provided by the 40-simple moving average (SMA) near 146.40. Moreover, should prices dip lower again, the next support would likely come from the 23.6% Fibonacci retracement around 145.70. A drop below this level would signal the start of a deeper bearish phase.
Should the market extend gains, resistance could be met at the 38.2% Fibonacci of 147.25. A break above this area could send prices towards the 148.10 hurdle, which holds near the 200-day SMA. Then, if the market stands above this region, the next stop could be at 50.0% Fibonacci of 148.50.
Overall, in the medium-term, the pair is continuing the negative outlook after the pullback from the 153.80 resistance level on April 13.
