GBP/JPY PRICE ANALYSIS: THE CRUCIAL SUPPORT LEVEL EMERGES NEAR 202.00
- GBP/JPY extends decline near 202.20 in Tuesday’s early European session, down 0.45% on the day.
- The cross keeps the negative stance on the 4-hour chart, with the bearish RSI indicator.
- The key support level emerges at the 202.00 psychological mark; the upside barrier is seen at 203.16.
The GBP/JPY cross remains under some selling pressure around 202.20 on Tuesday during the early European session. The risk-averse environment and growing speculation that the Bank of Japan (BoJ) will hike next week support the Japanese Yen (JPY) and create a headwind for GBP/JPY.
Technically, GBP/JPY maintains the bearish outlook unchanged on the 4-hour chart as it holds above the key 100-period Exponential Moving Average (EMA) as it holds below the key 100-period Exponential Moving Average (EMA). Additionally, the Relative Strength Index (RSI) stands in bearish territory below the 50-midline, suggesting extended losses cannot be ruled out.
The key support level will emerge at the 202.00 psychological mark. A decisive break below this level will pave the way to 201.14, a low of June 24. Further south, the next contention level is located at 200.48, a low of June 21
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