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29 Jul 2021

GBP/JPY Price Analysis: Edges higher below 153.00 but bulls stay hopeful

  • GBP/JPY eases from two-week top, keeps breakout of 100-DMA, monthly falling trend line.
  • Firmer Momentum line, successful break of key upside hurdles direct buyers towards a resistance line stretched from late May.

GBP/JPY consolidates recent gains around the two-week top, down 0.03% near 152.80 during Thursday’s Asian session.

Even so, the pair buyers remain hopeful as it holds an upside break of a downward sloping trend line from June 24 and 100-DMA amid a firmer Momentum line.

Hence, pullback moves may aim for 100-DMA, around 152.60, but any further weakness will be challenged by the previous resistance line near the 152.00 threshold.

It’s worth mentioning that the pair’s sustained downside past 152.00 will aim for June’s low of 151.30 whereas early July lows near 150.65 and monthly bottom close to 148.45 should be watched closely afterward.

Alternatively, the 153.90–154.00 area comprising the monthly top and a descending resistance line from May 28 will be the key resistance to watch during the fresh upside of GBP/JPY prices.

However, a daily closing beyond 154.00 won’t hesitate to challenge the mid-June high near 155.50.

GBP/JPY: Daily chart

Trend: Bullish

 

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