GBP/JPY Price Analysis: Advances toward five months highs above 156.00

GBP/JPY continues with its weekly gains on Friday in the early European session.
A successful weekly close above 156.00 will expose 2018 highs.
Momentum oscillator supports bullish momentum.

Rekha Chauhan Independent Analyst

The GBP/JPY cross-currency pair pushes higher on Friday morning. The pair remains on track to book gains for the second week in a row. At the time of writing, GBP/JPY is trading at 155.96, up 0.37% on the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY cross currency pair has risen sharply after breaking the strong long-time resistance barrier near the 152.90-153.00 zone.

The pair touched the 156.00 mark for the first time since May. A successful weekly close above 156.00 would open the doors for the 2018 highs near 156.61.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator holds within the overbought zone, which signifies the underlying bullish sentiment.

On the reverse side, the bears would meet the 155.00 horizontal support level and then this Tuesday’s low at 153.68. The GBP/JPY bears would then approach the 153.00 psychological mark.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price	155.98
Today Daily Change	0.54
Today Daily Change %	0.35
Today daily open	155.44

Trends
Daily SMA20	151.68
Daily SMA50	151.62
Daily SMA100	152.48
Daily SMA200	150.72

Levels
Previous Daily High	155.75
Previous Daily Low	154.67
Previous Weekly High	152.94
Previous Weekly Low	150.22
Previous Monthly High	152.85
Previous Monthly Low	148.96
Daily Fibonacci 38.2%	155.33
Daily Fibonacci 61.8%	155.08
Daily Pivot Point S1	154.82
Daily Pivot Point S2	154.2
Daily Pivot Point S3	153.74
Daily Pivot Point R1	155.9
Daily Pivot Point R2	156.36
Daily Pivot Point R3	156.98

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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