GBP/JPY Price Analysis: Weekly rising channel tests bulls around 152.00

GBP/JPY prints three-day winning streak, mildly bid around intraday high of late.
Strong RSI, sustained trading beyond 200-HMA keep buyers hopeful.
Key Fibonacci retracement levels add to the downside filters.

Anil Panchal FXStreet

GBP/JPY picks up bids to 152.05, up 0.11% intraday, ahead of Wednesday’s European session. In doing so, the pair buyers attack the upper line of an upward sloping trend channel from last Friday amid strong RSI.

As a result, the immediate hurdle near 152.10 is likely to be crossed, which in turn should direct the quote towards the late April tops near 152.40.

GBP/JPY upside past-152.40 needs to cross the 61.8% Fibonacci Expansion (FE) of April 23-29 run-up, as well as the following pullback to 151.01 on Monday, near 152.90 before targeting the previous month’s peak close to 153.40.

Alternatively, a convergence of the stated channel’s support and 200-HMA near 151.00 becomes the key to watch before targeting any sell positions.

In that case, 50% and 61.85 Fibonacci retracement levels, near 150.70 and 150.35 respectively, could offer extra filters during the fall.

GBP/JPY hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	152.06
Today Daily Change	0.15
Today Daily Change %	0.10%
Today daily open	151.91

Trends
Daily SMA20	150.68
Daily SMA50	150.75
Daily SMA100	146.63
Daily SMA200	142.22

Levels
Previous Daily High	152.06
Previous Daily Low	151
Previous Weekly High	152.41
Previous Weekly Low	149.54
Previous Monthly High	153.42
Previous Monthly Low	149.06
Daily Fibonacci 38.2%	151.66
Daily Fibonacci 61.8%	151.41
Daily Pivot Point S1	151.25
Daily Pivot Point S2	150.6
Daily Pivot Point S3	150.19
Daily Pivot Point R1	152.31
Daily Pivot Point R2	152.72
Daily Pivot Point R3	153.37

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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