GBP/JPY Price Analysis: Remains on the way up to 153.00
|- GBP/JPY stays mildly bid near intraday top, inside weekly rising channel.
- Channel resistance, 200-SMA offers a tough nut to crack for the bulls.
- Further gains envisioned on clear break of monthly descending trend line.
GBP/JPY remains on the front foot around 152.50, up 0.08% intraday, amid Wednesday’s Asian session. The cross-currency pair picks up bids inside a one-week-old ascending trend channel formation amid firmer RSI.
Even so, a convergence of the stated channel’s resistance line and 200-DMA, around 153.00, will challenge the pair’s further upside. Also acting as a barrier to the additional rise will be the RSI line as it inches closer to the overbought region.
If at all the quote successfully cross the 153.00 threshold, the mud-July top surrounding 153.50 and the monthly high surrounding 154.10 will be in focus.
Alternatively, pullback moves may levitate around a descending trend line from June 23, close to 152.10, a break of which will highlight the 152.00 round figure and the stated channel’s support line near 151.80 for the GBP/JPY bears to watch.
Should the pair sellers manage to conquer the 151.80 support, a downward trend to the early July’s swing low near 150.65 can’t be ruled out.
GBP/JPY: Four-hour chart.
Trend: Further upside expected
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