GBPJPY Fails To Overcome 153.40, Neutral-To-Bearish Bias

Technical analysis of Forex market

GBPJPY attempted to break the upper border of the neutral zone it has been ranging within this week, but its efforts proved unsuccessful as the 153.40 barrier defended the bears once again.
The short-term oscillators are also in favor of the bears; the RSI is moving sideways near its 50 neutral mark and the stochastic oscillator is approaching the oversold territory after the bearish cross within the %K and %D lines.

Hence, the short-run risk is looking neutral-to-negative at the moment and another retest of 151.25 is possible. A fall below the latter could open the way for the 23.6% Fibonacci retracement level of the up leg from 129.30 to 156.06 at 149.75 ahead of the 148.45 support, which stands near the 200-day SMA.

To the upside, the 153.40 nearby resistance area may add some footing to the market, but a violation at this point may not attract much attention unless the price rallies above the 40-month high of 156.06 and the 156.50 barrier, registered in January 2018.

In brief, GBPJPY could trade neutral-to-negative in the short-term. A close below the 200-day SMA could bring fresh selling pressure in the market, while a jump above the 156.06 level could raise buying interest.