GBP/JPY Price Analysis: Very short-term bias positive while above 150.00
- GBP/JPY extends rebound and breaks above 150.00.
- The overall outlook looks bearish in the 4-hour chart, but the pound could rise further over the next sessions.
The GBP/JPY bottomed last week at 149.08 and rebounded, making a reversal. The cross rose above the 21-SMA in the four-hour chart, and also 150.00. While above that area, the very short-term outlook would favor the upside. At 150.40 is the immediate resistance followed by 150.85 and the downtrend line at 151.30.
A break above 151.30 could point to a potential end of the bearish correction from levels above 153.00, negating the current bearish tone.
On the flip side, a slide back below 149.90 would favor some consolidation between 150.00 and 149.40. A firm slide under 149.40 should expose the 149.00 area.
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.
