GBP/JPY Price Analysis: Bulls battle key hurdle above 152.00
|- GBP/JPY stays firmer around two-week top amid bullish MACD.
- 13-day-old horizontal area guards immediate upside ahead of the early month’s multi-day high.
- One-week-long support line, key SMAs restrict short-term downside.
GBP/JPY wavers around 152.15-20, up 0.33% intraday, ahead of Wednesday’s London open. In doing so, the pair attacks the key horizontal resistance that holds the gate for the pair’s further upside towards fresh top since April 2018.
Given the bullish MACD and the pair’s run-up during the last week, as portrayed by an ascending support line, GBP/JPY is likely to overcome the 152.20-30 immediate hurdle. However, a clear run-up beyond the monthly high, also the highest in 35 months, near 152.55, becomes necessary for the bulls.
Should the quote cross 152.55 resistance, the April 2018 peak surrounding 153.85 will be the spotlight. However, the April 26, 2018 high of 152.75 can act as a buffer during the rise.
Meanwhile, pullback moves will have to break the immediate support line, around 151.50, to direct GBP/JPY towards 100 and 50-SMA levels of 151.00 and 150.53.
Though, a clear downside below 150.53 will not hesitate to challenge the monthly low of 148.53 while likely taking a break around 149.45 during the fall.
GBP/JPY four-hour chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.