GBP/JPY Price Analysis: Bulls catch a breather around December 2019 top
- GBP/JPY eases from 14-month top during the three-day uptrend.
- Sustained break of February 2020 high favor the bulls despite latest pullback.
- 10-day SMA adds to the downside supports, eight-month-old resistance line lures the buyers.
GBP/JPY steps back from the recently flashed multi-month high to 146.89 while heading into Tuesday’s European session. Even so, the quote prints 0.28% intraday gains while keeping Friday’s upside break of February 2020 peak.
As a result, the GBP/JPY bulls are less concerned with the recent pullback until it breaks the stated one-year peak, around 145.00. Also acting as an extra filter to the south could be the 10-day SMA level of 144.95 as well as the previous week’s low near 144.00.
In a case where GBP/JPY bears dominate past-144.00, the yearly support line near 143.80 becomes the last barrier for them to conquer before eyeing the September 2020 high of 142.71.
Meanwhile, the fresh upside will eye for the December 2019 high of 147.95 before targeting the ascending resistance line from June 2019, at 148.51 now.
It’s worth mentioning that the GBP/JPY run-up beyond 148.51 will attack the March 2019 high of 148.87, a break of which enables the bulls to target the 150.00 psychological magnet.
GBP/JPY daily 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.
