GBP/JPY Price Analysis: Poised to refresh multi-month top above 154.00
- GBP/JPY keeps short-term triangle breakout, pokes intraday high of late.
- Upbeat Momentum, successful trading above key SMA favor bulls.
GBP/JPY takes the bids around 154.25, up 0.12% intraday, during the early Asian session on Monday. In doing so, the pair keeps Friday’s bounce off the previous resistance line amid upbeat Momentum.
Not only a sustained trading above short-term hurdle but a clear run-up past-100-HMA also back the GBP/JPY bulls targeting the monthly top of 154.45, also the highest since February 2018.
It should, however, be noted that the 155.00 threshold and January 2018 high near 156.10 become strong resistances to cross before challenging the year 2018 peak surrounding 156.60.
On the flip side, pullback moves need to break the resistance-turned-support line around 154.00 whereas the 100-HMA and an ascending trend line from May 11 offer extra support to the south, respectively around 153.90 and 153.70.
In a case where GBP/JPY stays depressed below 153.70, lows marked since May 10 near 153.10 could test the bears before directing them to the early month tops close to 152.20-30.
GBP/JPY hourly chart
Trend: Bullish