GBPJPY has turned negative again after reversing the rally that took it above the 200-day moving average. The September 17 high of 188.29 remains on the upper end of the current trading range it has established since the end of August.
Prices have been trading around the 61.8% of the Fibonacci retracement level of the April-June upleg at 182.89 in the past three days. The nearest resistance is the 50% Fibonacci retracement level at 185.35, just above the 200-day moving average. GBPJPY needs to climb and hold above this level to shift the medium-term outlook to a more neutral one. Support comes at the September 7 low of 180.37.
In the near term, the bias remains bearish with RSI in negative territory and the Tenkan-sen and Kijun-sen lines are negatively aligned. The %K line of in the stochastics chart has just made a bullish cross with the %D line but any upward momentum is likely to be weak.