The pair bounced off its lowest levels since December, when it was oversold by RSI.
The bearish MACD keeps sellers optimistic, and the 50% Fibonacci level adds to buyers' upside filters.
GBP/JPY consolidates weekly losses near multi-day lows, up 0.30% at 153.30 during Wednesday’s Asian session.
The cross-currency pair fell to its lowest level since December 23, 2021, before making a U-turn at 152.66.
However, the recovery movers are unable to overcome the 200 DMA level at 153.30. The 50% Fibonacci upside retracement from December 2021 to February 2222, at 153.35, is also a challenge for GBP/JPY buyers, along with bearish MACD signals.
However, it is important to note that pair buyers are cautious until they witness a daily close above a three-week-long resistance level, which was around 156.10 at press time.
For GBP/JPY bears, however, it will be difficult to find a convergence between the 61.8% Fibonacci Retracement and an upward-sloping trendline from December 03, 2021 (around 152.45).
The downward trend towards the 150.00 psychological magnetic is not ruled out. During the south-run, the bears may be tested at multiple levels between 151.00 to 150.70.