GBP/JPY Price Analysis: Pound extends recovery to 151.00
|- GBP/JPY extends rebound and prints highs 151.09.
- Bullish tone prevails in the short-term, needs to break 151.00.
The rebound of the GBP/JPY pair from 149.08 continues on Tuesday. The pound found resistance at the 151.00/10 barrier. A break higher would open the doors to more gains targeting 151.50/55.
The short-term outlook would remain bullish while above 150.00; the convergence of a horizontal support and the 21 simple moving average in four hours chart. Indicators favor the upside, but it is facing a strong resistance at the moment.
A slide bel0w 150.00 would suggest an extension to the 149.60 area. Below, a consolidation under 149.40 is needed to clear the way for a test of 149.00.
GBP/JPY 4-hour chart
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