GBP/JPY Found support at 38.2% Fibo but yet remains below two bullish trend lines

Since last Friday the GBP/JPY started sharp downward fall and quited the comfortable consolidation zone around 152.00. The pair broke to below two important support levels provided by 61.8% and 50% Fibonacci retracement of latest February to March bearish run. Today the next 38.2% level of same Fibo was tested but seems that here the pair found support. Having posted 0.69% down for the day currently the pair is trading around 149.50. 

Technically speaking the short-term outlook remains bearish. On the four hour time frame the price is developing well below its moving averages,which are keeping downward slopes. RSI and stochastic are located withing negative territories but yet there is room for furthеr declines.

Meanwhile the pair is situated below two bullish trend lines. First is provided by post-Brexit levels and the other is the short-term trend line. As seen on the same chart both are нов acting as resistance zones that confluent at 61.8% Fibo. At this stage it is a very tough target for the bulls as Sterling still is under huge pressure due to worse that expected macro data released today and the prospects of a rate hike in May are getting very slim and this combined by the next round political woes. To get back into the long-trend the pair should fиrst conqueр the resistances at 150.42 and 150.85.