GBP/JPY Price Forecast : Falls toward 195.50 after breaking below nine-day EMA
GBP/JPY may depreciate further as daily chart analysis suggests a bearish bias.
The nine-day EMA sits below the 14-day EMA, signaling continued weakness in short-term price momentum.
The immediate support appears at the lower boundary of the descending channel at 193.50 level.
The GBP/JPY cross pares its recent gains, trading around 195.80 during the early European hours on Thursday. The daily chart analysis indicates that the pair is positioned within the descending channel pattern, suggesting a bearish bias.
The 14-day Relative Strength Index (RSI) is slightly below the 50 level, confirming bearish momentum. Additionally, the nine-day Exponential Moving Average (EMA) is positioned below the 14-day EMA, indicating persistent weakness in short-term price momentum.
On the downside, the GBP/JPY cross may navigate the region around the lower boundary of the descending channel at the 193.50 level. A break below this level would reinforce the bearish bias and put downward pressure on the currency cross to revisit the two-month low at the 189.56 level, which was recorded on September 30.
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