GBP/JPY Price Analysis: Bulls battle 151.00 inside short-term ascending channel
- GBP/JPY rises for eighth consecutive day inside a two-week-old rising channel.
- Bullish chart pattern, sustained trading above key SMA and upbeat RSI favor buyers.
- Monthly support line adds to the downside filters.
GBP/JPY takes the bids near an intraday high of 150.94, currently up 0.12% at 150.90, ahead of Wednesday’s European session. In doing so, the pair stays near the highest since April 2018, poked the previous day, while also staying inside an upward sloping channel formation established since February 26.
Needless to say, successful trading above the key SMAs and an upward sloping trend line from early February joins strong RSI to favor the GBP/JPY bulls battling the 151.00 threshold.
Even if the quote manages to cross the 151.00 round-figure, it needs to refresh the multi-month high flashed on Tuesday, around 151.30, before challenging the upper line of the stated channel, at 151.90 now, as well as the late April 2018 top near 152.75.
On the downside, a clear break below the channel’s support line close to 150.30 will probe the uptrend for the short-term. Though, GBP/JPY bears are less likely to enter unless witnessing a clear break below the 100-SMA level of 148.85, not to forget the monthly support line around 149.65.
Overall, GBP/JPY remains in an uptrend but short-term pullback can’t be ruled out.
GBP/JPY four-hour chart
Trend: Bullish
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.
