GBP/JPY Price Analysis: Poised to refresh multi-month top above 154.00

GBP/JPY keeps short-term triangle breakout, pokes intraday high of late.
Upbeat Momentum, successful trading above key SMA favor bulls.

Anil Panchal FXStreet

GBP/JPY takes the bids around 154.25, up 0.12% intraday, during the early Asian session on Monday. In doing so, the pair keeps Friday’s bounce off the previous resistance line amid upbeat Momentum.

Not only a sustained trading above short-term hurdle but a clear run-up past-100-HMA also back the GBP/JPY bulls targeting the monthly top of 154.45, also the highest since February 2018.

It should, however, be noted that the 155.00 threshold and January 2018 high near 156.10 become strong resistances to cross before challenging the year 2018 peak surrounding 156.60.

On the flip side, pullback moves need to break the resistance-turned-support line around 154.00 whereas the 100-HMA and an ascending trend line from May 11 offer extra support to the south, respectively around 153.90 and 153.70.

In a case where GBP/JPY stays depressed below 153.70, lows marked since May 10 near 153.10 could test the bears before directing them to the early month tops close to 152.20-30.

GBP/JPY hourly chart

Trend: Bullish

Additiojnal important levels

Overview
Today last price	154.27
Today Daily Change	0.18
Today Daily Change %	0.12%
Today daily open	154.09

Trends
Daily SMA20	151.81
Daily SMA50	151.37
Daily SMA100	147.71
Daily SMA200	142.82

Levels
Previous Daily High	154.29
Previous Daily Low	153.62
Previous Weekly High	154.44
Previous Weekly Low	151.98
Previous Monthly High	153.42
Previous Monthly Low	149.06
Daily Fibonacci 38.2%	154.03
Daily Fibonacci 61.8%	153.88
Daily Pivot Point S1	153.71
Daily Pivot Point S2	153.33
Daily Pivot Point S3	153.03
Daily Pivot Point R1	154.38
Daily Pivot Point R2	154.67
Daily Pivot Point R3	155.05

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.