GBP/JPY Price Analysis: Approaches short-term key hurdles above 154.00

GBP/JPY prints four-day uptrend, stays mildly bid around two-week high.
MACD prints most bullish signals in five weeks, sustained trading above 200-DMA also favor buyers.
Descending trend line from early February, 50-DMA challenges upside moves.

Anil Panchal FXStreet

GBP/JPY remains on the front foot around 154.40, up 0.08% during the four-day winning streak to Wednesday’s Asian session.

In doing so, the yen cross justifies the early-week breakout of the 200-DMA, as well as the bullish MACD signals, to stay firmer around a fortnight high.

However, a downward sloping trend line from February 10 and the 50-DMA, respectively near 154.70 and 155.10, test the GBP/JPY bulls.

Also acting as an upside filter is the monthly high near 155.25.

Meanwhile, pullback moves remain elusive beyond the 200-DMA level of 153.33.

Following that, the 61.8% Fibonacci retracement (Fibo) of December-February upside and the monthly low, close to 152.45 and 151.00 in that order, appear as tough nuts to crack for GBP/JPY bears.

Overall, GBP/JPY is ready for further upside but a bumpy road to the north may test the bulls.

GBP/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	154.39
Today Daily Change	0.11
Today Daily Change %	0.07%
Today daily open	154.28

Trends
Daily SMA20	154.19
Daily SMA50	155.17
Daily SMA100	154.05
Daily SMA200	153.34

Levels
Previous Daily High	154.69
Previous Daily Low	153.23
Previous Weekly High	153.4
Previous Weekly Low	150.99
Previous Monthly High	158.07
Previous Monthly Low	153.37
Daily Fibonacci 38.2%	154.13
Daily Fibonacci 61.8%	153.79
Daily Pivot Point S1	153.44
Daily Pivot Point S2	152.6
Daily Pivot Point S3	151.98
Daily Pivot Point R1	154.91
Daily Pivot Point R2	155.53
Daily Pivot Point R3	156.37

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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