GBP/JPY Price Analysis: Upside meets six-month-old resistance near 154.50

GBP/JPY edges higher following the previous session’s gain on Wednesday.
Multiple resistances near 154.45 offer a strong barrier for the bulls.
The momentum oscillator supports bullish momentum.

Rekha Chauhan Independent Analyst

The GBP/JPY cross trades higher with a cautious tone in the early European trading hour. The pair books the gains for the fifth straight session. At the time of writing, the GBP/JPY cross-currency pair is trading at 154.48, up 0.02% on the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY cross currency pair has been trading in a broad trading range of 149.00 and 154.45 since late June. The current price action suggests difficulty for the GBP/JPY bulls near the strong resistance barrier around 154.50. Having said that, if the price breaks above the day’s high, then it could test the psychological 155.00 as the first upside target.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator holds the overbought zone. Any uptick in the MACD would bring the high of June 15 at 155.48 back into action followed by the 155.90 horizontal resistance level.

Alternatively, on the reverse side, the bears would meet the 153.68 horizontal support level and then move onto Monday’s low at 152.74. A daily close below the 100-day Simple Moving Average (SMA) at 152.48 could bring the next stoppage at the 151.90 horizontal support zone.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price	154.47
Today Daily Change	0.08
Today Daily Change %	0.05
Today daily open	154.39

Trends
Daily SMA20	151.31
Daily SMA50	151.51
Daily SMA100	152.48
Daily SMA200	150.58

Levels
Previous Daily High	154.83
Previous Daily Low	153.69
Previous Weekly High	152.94
Previous Weekly Low	150.22
Previous Monthly High	152.85
Previous Monthly Low	148.96
Daily Fibonacci 38.2%	154.39
Daily Fibonacci 61.8%	154.12
Daily Pivot Point S1	153.77
Daily Pivot Point S2	153.16
Daily Pivot Point S3	152.63
Daily Pivot Point R1	154.92
Daily Pivot Point R2	155.45
Daily Pivot Point R3	156.07

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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