The GBPJPY pair, which was at 180.190, has rebounded from its lowest point of the day after experiencing a downward trend for the past five days. According to the viewpoint of @nehcap, it is predicted that there will be a minimal decrease in the currency pair.

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• GBP/JPY bounces off intraday low during five-day downtrend.

The pair currently trades last at 180.190.

The previous day high was 180.72 while the previous day low was 179.74. The daily 38.2% Fib levels comes at 180.11, expected to provide support. Similarly, the daily 61.8% fib level is at 180.34, expected to provide resistance.

GBP/JPY licks its wounds at the weekly low, mildly offered near 180.20 amid early Friday in Asia, as it prints the five-day losing streak. In doing so, the cross-currency pair fails to justify the downside RSI conditions while staying within a one-month-old falling wedge bullish chart formation.

That said, the 200-SMA level of around 180.55 and the 181.00 round figure restrict the immediate upside of the quote as the market awaits the UK Retail Sales for June, expected 0.2% MoM versus 0.3% prior.

Also read: GBP/USD: Cable bears need acceptance from 1.2850 and UK Retail Sales

Following that, the stated wedge’s top line, close to 181.25 at the latest, will be crucial to watch for the GBP/JPY buyers to retake control.

Even so, the 100-SMA and the monthly high, respectively near 182.00 and 184.00, may test the pair’s upside past 181.25.

In a case where the GBP/JPY remains firmer beyond 184.00, the theoretical target of the wedge breakout, near 185.75, will be in the spotlight.

Meanwhile, the monthly low of around 179.50 restricts the immediate downside of the GBP/JPY pair ahead of the stated wedge’s bottom line, near 179.30 by the press time, especially amid the below-50.0 RSI level.

Should the GBP/JPY price drops below 179.30 and gains support from downbeat UK Retail Sales, the bears may aim for the 61.8% Fibonacci retracement of June-July upside, close to 177.00.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 180.16 at the time of writing. Pair opened at 180.24 and is trading with a change of -0.04% % .

The pair is trading below its 20 Daily moving average @ 182.19, above its 50 Daily moving average @ 177.76 , above its 100 Daily moving average @ 171.47 and above its 200 Daily moving average @ 167.54

The previous day high was 180.72 while the previous day low was 179.74. The daily 38.2% Fib levels comes at 180.11, expected to provide support. Similarly, the daily 61.8% fib level is at 180.34, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 179.74, 179.25, 178.76
• Pivot resistance is noted at 180.73, 181.21, 181.71

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