The pair GBPJPY has experienced a decline over the past four days and failed to recover after reaching its lowest point in several days.

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• GBP/JPY prints four-day losing streak, fades bounce off multi-day low of late.

The pair currently trades last at 181.218.

The previous day high was 183.23 while the previous day low was 181.1. The daily 38.2% Fib levels comes at 181.91, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.42, expected to provide resistance.

GBP/JPY holds lower ground near 181.20, the lowest levels in 12 days, as downbeat US Treasury bond yields join fears of Japan intervention to weigh on the cross-currency pair ahead of the UK’s employment figures, scheduled for publishing on early Tuesday.

That said, the US Treasury bond yields remain pressured after reversing from the highest level since March on Monday. It should be noted that the benchmark US 10-year Treasury bond yields printed the first daily loss in July the previous day whereas the two-year counterpart declined for the second consecutive day, to respectively near 4.00% and 4.86%.

Elsewhere, UK finance minister Jeremy Hunt spoke alongside Bank of England (BoE) Governor Andrew Bailey on Monday while showing readiness to take measures to return inflation to its 2% target. It’s worth noting that the BoE Governor Bailey tried defending the restrictive monetary policy while pushing back concerns about the UK’s economic slowdown.

It should be noted that the Bank of Japan (BoJ) officials remain dovish and hence flag fears of the GBP/JPY pair’s recovery, should the UK’s employment data manage to back the recently hawkish BoE talks.

Above all, the latest easing inflation data from the UK, US and China tame hawkish central bank concerns but the broad fears of witnessing an economic slowdown keep pushing traders toward the traditional havens, likely the Japanese Yen (JPY), Gold and the Treasury bond yields.

Moving on, the UK’s Claimant Count Change for June will join the Unemployment Rate for three months to May to direct intraday moves.

A clear downside break of the 21-DMA support, around 180.00 by the press time, favors the GBP/JPY bears.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 181.21 at the time of writing. Pair opened at 181.74 and is trading with a change of -0.29% % .

The pair is trading below its 20 Daily moving average @ 181.87, above its 50 Daily moving average @ 175.96 , above its 100 Daily moving average @ 170.04 and above its 200 Daily moving average @ 166.81

The previous day high was 183.23 while the previous day low was 181.1. The daily 38.2% Fib levels comes at 181.91, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.42, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 180.82, 179.9, 178.7
• Pivot resistance is noted at 182.94, 184.15, 185.07

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