GBP/JPY Price Analysis: Pound remains limited by the 133.00 resistance vs. Japanese yen

 

 

Following the test of the 11th of May swing high, GBP/JPY is chopping below the 133.00 resistance level while above the 200 SMA on the four-hour chart. However, the overall trend remains down, therefore sellers are likely to defend the 133.00 resistance which has proved to be solid throughout the month of May. Bears would be looking for a break below the 132.00 level with the potential of more weakness towards the 131.33 and 130.75 levels. On the flip side, the spot is expected to meet resistance once again near the 133.00 level.