GBP/JPY Price Analysis: Bulls attack weekly triangle resistance above 153.50

GBP/JPY picks up bids inside a short-term symmetrical triangle, bulls seek entry.
Further gains envisioned on steady RSI, 200-SMA, three-week-old falling trend line add to the upside filters.

Anil Panchal FXStreet

GBP/JPY gains upside momentum, mildly bid around 153.70, amid the initial Asia session on Tuesday. In doing so, the cross-currency pair funnels down the bullish break of a short-term symmetrical triangle amid a slightly upbeat RSI line.

Given the immediate absence of drawbacks for the GBP/JPY buyers, the pair can cross the nearby hurdle surrounding 153.75, suggesting a swift upside move to the 154.00 threshold.

However, 200-SMA level near 154.40 and a downward sloping trend line from June 15 close to 154.80 could test the run-up afterward.

Meanwhile, pullback moves could retest the triangle’s support near 153.40 but any further downside won’t hesitate in breaking the 153.00 round figure.

It’s worth noting that June-end lows near 152.65 and 152.40 levels can offer intermediate halts during the GBP/JPY south-run targeting the previous month’s low surrounding 151.30.

Overall, GBP/JPY is up for a fresh rise but bulls will have a bumpy road to the north.

GBP/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	153.7
Today Daily Change	0.09
Today Daily Change %	0.06%
Today daily open	153.61

Trends
Daily SMA20	154.18
Daily SMA50	153.8
Daily SMA100	152
Daily SMA200	145.67

Levels
Previous Daily High	153.73
Previous Daily Low	153.08
Previous Weekly High	154.23
Previous Weekly Low	152.62
Previous Monthly High	155.94
Previous Monthly Low	151.32
Daily Fibonacci 38.2%	153.33
Daily Fibonacci 61.8%	153.49
Daily Pivot Point S1	153.22
Daily Pivot Point S2	152.83
Daily Pivot Point S3	152.57
Daily Pivot Point R1	153.87
Daily Pivot Point R2	154.12
Daily Pivot Point R3	154.52

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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