GBP/JPY Price Analysis: Price retreats to trendline, likely to test again 150.00

• GBP/JPY bottomed at 149.59, a fresh two-week low, and then rebounded.
• The recovery found resistance at the uptrend line and under 151.00.

The GBP/JPY printed a fresh correction low at 149.59, extending the decline from the multi-year high it reached on Tuesday above 153.00. Then it completed a pullback to the recently broken trendline.

The pound failed to remove the negative bias and it is trading around 150.50. A consolidation below would suggest a range trading at lower levels between 149.90 and 150.50. A break under 149.90 would expose the recent low near 149.60.

Technical indicators still points to the downside, but the negative momentum eased over the last hours. A recovery above 151.20 would alleviate further the bearish tone. The next resistance stands at 151.80.

GBP/JPY 4-hour chart