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GBP/JPY Price Analysis: Weekly support line, 200-bar SMA question the bears

1 month ago   |   By FXCM

GBP/JPY fails to hold the break of 61.8% Fibonacci retracement.
The bulls stay hopeful unless the pair breaks 142.70 support confluence.
Fresh monthly high could renew buying interest.
GBP/JPY weakens to 143.17 amid the initial Asian trading session on Monday. The quote recently slipped from 61.8% Fibonacci retracement of its January 22 to February 04 declines. Even so, a confluence of 200-bar SMA and an upward sloping trend line from February 10 could challenge the bears.
A lower low formation on the four-hour chart pushes the sellers to await the downside break of 142.70 support...
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