GBP/JPY Price Analysis: Unable to hold above 153.30, upside pressure eases
- Pound hits fresh two-year highs versus yen and retreats.
- GBP/JPY holds bullish bias but shows some signs of exhaustion.
The GBP/JPY climbed to 153.35, reaching a fresh two-year high. The cross then pulled back under the 153.20 area and the upside pressure eased. The pound needs to hold above 153.25/30 to clear the way to more gains. The next strong resistance emerges at 153.70/75 before the 154.oo zone.
The MACD suggests some weakness ahead for the pound, not necessarily a correction. It reduces the odds of a bullish acceleration.
The immediate support is seen at 152.80/90 (horizontal level / 21-SMA in 4-hour chart). A consolidation below should alleviate the positive momentum for the pound. Below the next level is 152.40/50 that, if broken, should point to a deeper correction and to a test of 152.00.
GBP/JPY four-hour chart
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.
