GBP/JPY Price Analysis: Bulls battle key hurdle above 152.00
- 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
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.
