GBP/JPY Price Analysis: Bulls attack weekly triangle resistance above 153.50
|- GBP/JPY picks up bids inside a short-term symmetrical triangle, bulls seek entry.
- Further gains envisioned on steady RSI, 200-SMA, three-week-old falling trend line add to the upside filters.
GBP/JPY gains upside momentum, mildly bid around 153.70, amid the initial Asia session on Tuesday. In doing so, the cross-currency pair funnels down the bullish break of a short-term symmetrical triangle amid a slightly upbeat RSI line.
Given the immediate absence of drawbacks for the GBP/JPY buyers, the pair can cross the nearby hurdle surrounding 153.75, suggesting a swift upside move to the 154.00 threshold.
However, 200-SMA level near 154.40 and a downward sloping trend line from June 15 close to 154.80 could test the run-up afterward.
Meanwhile, pullback moves could retest the triangle’s support near 153.40 but any further downside won’t hesitate in breaking the 153.00 round figure.
It’s worth noting that June-end lows near 152.65 and 152.40 levels can offer intermediate halts during the GBP/JPY south-run targeting the previous month’s low surrounding 151.30.
Overall, GBP/JPY is up for a fresh rise but bulls will have a bumpy road to the north.
GBP/JPY: Four-hour chart
Trend: Further upside expected
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