GBP/JPY Price Analysis: Hovers below 152.20 resistance confluence

• GBP/JPY seesaws around 10-week low, holds onto Friday’s downside break of key support.
• Bearish MACD hints at further downside towards the 150.00 threshold.
• 200-DMA, descending trend line from February also challenges buyers.

Having conquered the 152.00 support confluence, now resistance, GBP/JPY remained sidelined around 152.00 during the mid-Asian session on Monday.

Even so, the bearish MACD conditions and sustained trading below the 61.8% Fibonacci retracement (Fibo.) of July-October 2021 upside, as well as the three-month-old ascending trend line, keeps sellers hopeful.

That said, early December 2021 tops near 151.10 may offer an intermediate halt during the south-run to the 150.00 round figure.

However, lows marked during September and December 2021, around 149.00 will be a tough nut to crack for the pair sellers before directing them to the year 2021 bottom surrounding 148.45.

Alternatively, recovery moves remain elusive below the 152.20 resistance confluence.

Following that, 153.00 and 10-DMA level surrounding 154.15 could entertain short-term GBP/JPY buyers ahead of directing them to the descending trend line from late February, near 154.75.

GBP/JPY: Daily chart

Trend: Further weakness expected