GBP/JPY Price Analysis: Looks set for another battle with three-week-old hurdle above 155.00

GBP/JPY picks up bids following the bounce off monthly support.
Sustained trading above 200-SMA, upbeat Momentum strengthen bullish bias.
Bears await a clear break of 153.55 for fresh entry.

Anil Panchal FXStreet

GBP/JPY extends Tuesday’s U-turn from a short-term key support line to 155.00 amid a sluggish Asian session on Wednesday. The cross-currency pair pulled back from a downward sloping trend line from May 27 before marking the latest recovery moves.

Given the pair’s successful trading above 200-SMA and upbeat Momentum, not to forget the ability to stay beyond a multi-day-old support line, GBP/JPY is up for another fight with the 155.35 resistance line.

However, a clear break of the same will need to cross May’s top of 156.07 to aim for the year 2018 high surrounding 156.65.

Meanwhile, a downside break of the stated support line, around 154.65, may bounce off the 200-SMA level near 154.15.

Even if the quote drops below 154.15, the 154.00 threshold and lows marked during May 10-11 close to 153.60-55 could test GBP/JPY bears.

GBP/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	155.01
Today Daily Change	0.01
Today Daily Change %	0.01%
Today daily open	155

Trends
Daily SMA20	154.89
Daily SMA50	152.9
Daily SMA100	150.74
Daily SMA200	144.48

Levels
Previous Daily High	155.49
Previous Daily Low	154.54
Previous Weekly High	155.32
Previous Weekly Low	154.13
Previous Monthly High	156.08
Previous Monthly Low	150.93
Daily Fibonacci 38.2%	154.9
Daily Fibonacci 61.8%	155.12
Daily Pivot Point S1	154.53
Daily Pivot Point S2	154.06
Daily Pivot Point S3	153.58
Daily Pivot Point R1	155.48
Daily Pivot Point R2	155.95
Daily Pivot Point R3	156.42

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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