GBP/JPY Price Analysis: Pound extends recovery to 151.00
- GBP/JPY extends rebound and prints highs 151.09.
- Bullish tone prevails in the short-term, needs to break 151.00.
The rebound of the GBP/JPY pair from 149.08 continues on Tuesday. The pound found resistance at the 151.00/10 barrier. A break higher would open the doors to more gains targeting 151.50/55.
The short-term outlook would remain bullish while above 150.00; the convergence of a horizontal support and the 21 simple moving average in four hours chart. Indicators favor the upside, but it is facing a strong resistance at the moment.
A slide bel0w 150.00 would suggest an extension to the 149.60 area. Below, a consolidation under 149.40 is needed to clear the way for a test of 149.00.
GBP/JPY 4-hour chart
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Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
