• GBP/JPY stays firmer around two-week top amid bullish MACD.
  • 13-day-old horizontal area guards immediate upside ahead of the early month’s multi-day high.
  • One-week-long support line, key SMAs restrict short-term downside.

GBP/JPY wavers around 152.15-20, up 0.33% intraday, ahead of Wednesday’s London open. In doing so, the pair attacks the key horizontal resistance that holds the gate for the pair’s further upside towards fresh top since April 2018.

Given the bullish MACD and the pair’s run-up during the last week, as portrayed by an ascending support line, GBP/JPY is likely to overcome the 152.20-30 immediate hurdle. However, a clear run-up beyond the monthly high, also the highest in 35 months, near 152.55, becomes necessary for the bulls.

Should the quote cross 152.55 resistance, the April 2018 peak surrounding 153.85 will be the spotlight. However, the April 26, 2018 high of 152.75 can act as a buffer during the rise.

Meanwhile, pullback moves will have to break the immediate support line, around 151.50, to direct GBP/JPY towards 100 and 50-SMA levels of 151.00 and 150.53.

Though, a clear downside below 150.53 will not hesitate to challenge the monthly low of 148.53 while likely taking a break around 149.45 during the fall.

GBP/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 152.18
Today Daily Change 0.54
Today Daily Change % 0.36%
Today daily open 151.64
 
Trends
Daily SMA20 150.78
Daily SMA50 147.49
Daily SMA100 143.58
Daily SMA200 140.16
 
Levels
Previous Daily High 151.95
Previous Daily Low 151.05
Previous Weekly High 151.55
Previous Weekly Low 148.53
Previous Monthly High 150.45
Previous Monthly Low 142.84
Daily Fibonacci 38.2% 151.6
Daily Fibonacci 61.8% 151.39
Daily Pivot Point S1 151.15
Daily Pivot Point S2 150.65
Daily Pivot Point S3 150.25
Daily Pivot Point R1 152.04
Daily Pivot Point R2 152.45
Daily Pivot Point R3 152.94

 

 

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