GBP/JPY Price Analysis: More gains seen while above 151.70
|- GBP/JPY extended the rally from 149.00 after breaking 151.70.
- Bullish bias remains in place, next targets at 152.35 and 152.65.
The GBP/JPY resumed the upside, after a consolidation on Friday and climbed to 151.17, reaching the highest level since September 17. It remains near the top, holding above 152.00 with a bullish tone intact.
Technical indicators favor more gains over the next session, with the next target around 152.30. Above the next resistance stands at 152.60.
A decline under 151.60 should alleviate the bearish pressure, while a break under 150.80 would expose 150.00.
The pound is up for the fourth consecutive day versus the yen and it climbed above the 20 and 55-day simple moving average. A pause may look likely; still, a daily close above 151.50 should point to more gains.
GBP/JPY 4-hour chart
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