GBP/JPY technical analysis: Another run-up to multi-day old resistance-line
|- GBP/JPY rises towards the key resistance-line, 4H 100MA.
- RSI divergence signal further upside.
GBP/JPY remains on the road to recovery as it takes the bids to 129.25 amid initial Asian session on Monday.
While short-term ascending trend-line portray the pair’s strength, 14-bar relative strength index (RSI) indicates further upside with gradually picking levels amid lower prices.
However, a descending trend-line since August 02, at 129.56 now, followed 100-bar moving average on the four-hour chart (4H 100MA) at 129.85 can will question the pair’s further upside ahead of 130.00 round-figure.
In a case where prices remain strong above 130.00, 130.30 holds the gate for the additional rise to July 30 low near 131.60.
On the downside, 128.86 and 128.28 are likely near-term support-lines that sellers should be on the lookout for.
During the pair’s decline below 128.28, August 14 low near 127.47 and the month;y bottom surrounding 126.54 might flash on bears’ radar.
GBP/JPY 4-hour chart
Trend: Bullish
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