GBP/JPY suffers from negative pressures. - Technical Analysis - 22-12-2015

GBP/JPY trended lower in the short term and intra-day levels, breaking through the support level of 181.94 previously, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the long term (from 168.01 to 195.88), along with a continuing negative pressure from the simple moving average for the last 50 days period, and with an influx of negative signals from relative power indicators.

 

Therefore we expect the pair the keep declining, as long as the resistance of 181.94 holds on, targeting thereafter the support of 178.65 which represents the ratio 61.8 of the same retracement levels mentioned earlier.