GBPJPY has a neutral bias in the short term and has been pivoting around the 149.00 level. Momentum is very weak in the market and this is indicated by the flat RSI. The 50 and 200-period moving averages on the 4-hour chart are converging and a bearish crossover is imminent.
Near-term risk is tilted to the downside as the market has dropped below the 200-moving average on the 4-hour chart. Immediate support is at the key 149.00 level. An extension lower from here would bring into view the psychological level of 148.00 which has been tested as support this week. Below this, the 147.00 level is critical, which if broken would shift the bias to bearish and set the focus on 144.00.
To the upside, immediate resistance exists at the 200-MA currently at 149.17. Breaking above this barrier would help shift momentum to the upside and to focus on targeting the key 150.00 level. From here, the 152.85 peak comes into sight and rising above this would confirm the resumption of the longer-term uptrend from 141.34.
In the near term, the bias is neutral with risk tilted to the downside. The neutral RSI suggests momentum is weak and this points to more consolidation during the next few sessions.
