The GBP/JPY bounces from the 143.00 level

On the daily chart of the GBP/JPY we can see that the pair has been retracing downwards in an orderly fashion since it started dropping from the 148.09 zone. Every time the pair makes a new low, it consolidates for a while to then accelerate its bearish momentum and make a lower low. When the pair broke below the 143.00 level and below the 55 day EMA (purple line), it consolidated during a day to pull back to the 143.00 level and its 55 day EMA to bounce to the downside from there. If the price continues dropping, then it may reach the 200 day EMA (blue line) at the 141.74 level where it may stall. But if the GBP/JPY manages to break below the 200 day EMA, then its closest support is at the 140.00 level followed by the 139.00 level. Below the 139.00 level, the pair practically has the road clear to visit the low at the 135.58 zone from where it started rising. Above the 143.00 level, its most important resistance is at the 145.00 level followed by the 146.00 level and the 147.00 level, but its most relevant resistance is at the high at the 148.09 zone from where it started falling.