GBP/JPY Price Analysis: Bulls challenge 50-day SMA near 153.90

GBP/JPY consolidates near 153.60 for the past four sessions.
Additional gains envisioned if price closes above the support-turned-resistance near 153.70.
Momentum oscillators remain neutral with positive bias.

Rekha Chauhan Independent Analyst

GBP/JPY price edges higher on the first trading week on Monday in the initial Asian session. The currency pair opened higher and continued to push higher.

At the time of writing, GBP/JPY is trading at 153.70, up 0.07% for the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY pair after retreating from the high of 155.15 made on June 23, recovered from the low level of 152.61 in the previous week.

That said, a sustained break above 153.70 could intensify the buying pressure in the pair.

In doing so, GBP/JPY would test the first upside target at the 50-day Simple Moving Average (SMA) at 153.91.

The Moving Average Convergence Divergence (MACD) indicator trades just below the midline with a positive bias, which signifies the impending higher price movement. Any uptick in the MACD would ignite a fresh round of buying opportunities.

Market participants would then look out for June 28 high at 154.23, followed by the 155.50 horizontal resistance level.

Alternatively, if price fails to hold intraday’s gains, it implies persistence weakness in the pair with immediate support at the 153.20 horizontal support level.

Next, GBP/JPY bears attempt to capture Friday’s low in the vicinity of the 153.00 area.

A daily close below the 153.00 level would increase the probability of the 152.70 horizontal support level appearing.

GBP/JPY additional level

GBP/JPY

Overview
Today last price	153.73
Today Daily Change	0.12
Today Daily Change %	0.08
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

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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