Chart of the day - GBPJPY (16.03.2021)

GBPJPY has been trading in an uptrend recently. However, a downward move was launched last week and we can observe a local correction. In case declines deepen there are two support levels to watch. The first one can be found in the 150.40 area and is marked with a previous local high. If this level does not stop sellers, attention will shift to the next support - 149.20 area marked with the lower limit of the Overbalance structure and 61.8% retracement. Pair is especially likely to get more active in the second half of the week as the Bank of England (Thursday) and Bank of Japan (Friday) will announce monetary policy decisions.

Source: xStation5

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