GBP/JPY Price Analysis: Very short-term bias positive while above 150.00
|- GBP/JPY extends rebound and breaks above 150.00.
- The overall outlook looks bearish in the 4-hour chart, but the pound could rise further over the next sessions.
The GBP/JPY bottomed last week at 149.08 and rebounded, making a reversal. The cross rose above the 21-SMA in the four-hour chart, and also 150.00. While above that area, the very short-term outlook would favor the upside. At 150.40 is the immediate resistance followed by 150.85 and the downtrend line at 151.30.
A break above 151.30 could point to a potential end of the bearish correction from levels above 153.00, negating the current bearish tone.
On the flip side, a slide back below 149.90 would favor some consolidation between 150.00 and 149.40. A firm slide under 149.40 should expose the 149.00 area.
GBP/JPY 4-hour chart
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.