GBP/JPY Price Analysis: Edges higher below 153.00 but bulls stay hopeful

GBP/JPY eases from two-week top, keeps breakout of 100-DMA, monthly falling trend line.
Firmer Momentum line, successful break of key upside hurdles direct buyers towards a resistance line stretched from late May.

Anil Panchal FXStreet

GBP/JPY consolidates recent gains around the two-week top, down 0.03% near 152.80 during Thursday’s Asian session.

Even so, the pair buyers remain hopeful as it holds an upside break of a downward sloping trend line from June 24 and 100-DMA amid a firmer Momentum line.

Hence, pullback moves may aim for 100-DMA, around 152.60, but any further weakness will be challenged by the previous resistance line near the 152.00 threshold.

It’s worth mentioning that the pair’s sustained downside past 152.00 will aim for June’s low of 151.30 whereas early July lows near 150.65 and monthly bottom close to 148.45 should be watched closely afterward.

Alternatively, the 153.90–154.00 area comprising the monthly top and a descending resistance line from May 28 will be the key resistance to watch during the fresh upside of GBP/JPY prices.

However, a daily closing beyond 154.00 won’t hesitate to challenge the mid-June high near 155.50.

GBP/JPY: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	152.8
Today Daily Change	0.39
Today Daily Change %	0.26%
Today daily open	152.41

Trends
Daily SMA20	152.26
Daily SMA50	153.62
Daily SMA100	152.57
Daily SMA200	146.99

Levels
Previous Daily High	152.62
Previous Daily Low	151.58
Previous Weekly High	152.16
Previous Weekly Low	148.46
Previous Monthly High	155.94
Previous Monthly Low	151.32
Daily Fibonacci 38.2%	151.98
Daily Fibonacci 61.8%	152.22
Daily Pivot Point S1	151.78
Daily Pivot Point S2	151.16
Daily Pivot Point S3	150.74
Daily Pivot Point R1	152.83
Daily Pivot Point R2	153.25
Daily Pivot Point R3	153.87

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.

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