GBP/JPY technical analysis: Another run-up to multi-day old resistance-line

GBP/JPY rises towards the key resistance-line, 4H 100MA.
RSI divergence signal further upside.

Anil Panchal FXStreet

GBP/JPY remains on the road to recovery as it takes the bids to 129.25 amid initial Asian session on Monday.

While short-term ascending trend-line portray the pair’s strength, 14-bar relative strength index (RSI) indicates further upside with gradually picking levels amid lower prices.

However, a descending trend-line since August 02, at 129.56 now, followed 100-bar moving average on the four-hour chart (4H 100MA) at 129.85 can will question the pair’s further upside ahead of 130.00 round-figure.

In a case where prices remain strong above 130.00, 130.30 holds the gate for the additional rise to July 30 low near 131.60.

On the downside, 128.86 and 128.28 are likely near-term support-lines that sellers should be on the lookout for.

During the pair’s decline below 128.28, August 14 low near 127.47 and the month;y bottom surrounding 126.54 might flash on bears’ radar.

GBP/JPY 4-hour chart

Trend: Bullish

1. R3 131.24
2. R2 130.41
3. R1 129.8
PP 128.97
1. S1 128.36
2. S2 127.53
3. S3 126.92

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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