GBP/JPY Price Analysis: Upside move awaits bullish cross breakout near 150.50

GBP/JPY remains muted in the Asian session on Monday.
Multiple support near 149.20 keeps bulls hopeful.
A neutral MACD echoes the wait-and-watch approach before placing any aggressive bets.

Rekha Chauhan Independent Analyst

The GBP/JPY cross maintained a subdued tone in the Asian session. The cross quickly moved higher after making intraday low near 150.16 only to confide in a narrow trading range. At the time of writing, the GBP/JPY cross-currency pair is trading at 150.43, up 0.02% on the day.

GBP/JPY daily chart

On the daily chart, after testing the high of 155.15 on June 23, the pair has been under persistent selling pressure. The descending trendline from the mentioned level acts as a defensive for the bull. The pair has a record of bouncing back from the 149.20 level in the past three-month.

Having said that, GBP/JPY consolidates below the 21-day and 50-day Simple Moving Average (SMA) confirming the case for the continuation of the downside momentum. A break of the session’s low could pull off the trigger for the key 150.00 level. A daily close below 150.00, would ask for the 149.60 horizontal support level.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator is placed below the midline. Any downtick in the MACD would bring the low of September 22 at 149.01 back into action.

Moving higher, prices would meet an interim hurdle at this Friday’s high of 150.95. A close above the 151.00 level could test the 50-day SMA at 151.50 followed by the 152.00 horizontal resistance zone.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price	150.35
Today Daily Change	-0.04
Today Daily Change %	-0.03
Today daily open	150.39

Trends
Daily SMA20	151.1
Daily SMA50	151.5
Daily SMA100	152.6
Daily SMA200	150.15

Levels
Previous Daily High	150.74
Previous Daily Low	149.23
Previous Weekly High	152.57
Previous Weekly Low	149.23
Previous Monthly High	152.85
Previous Monthly Low	148.96
Daily Fibonacci 38.2%	150.17
Daily Fibonacci 61.8%	149.81
Daily Pivot Point S1	149.5
Daily Pivot Point S2	148.61
Daily Pivot Point S3	147.99
Daily Pivot Point R1	151.01
Daily Pivot Point R2	151.63
Daily Pivot Point R3	152.52

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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