GBP/JPY Price Analysis: 100-DMA challenges further upside around 152.50
- GBP/JPY edges higher near two-week top, after four-day uptrend.
- Bullish MACD, sustained break of 152.20-30 hurdle-turned-support favor buyers.
- 61.8% Fibonacci retracement lures bulls, bears can eye June’s bottom below 152.00.
GBP/JPY bulls take a breather around 152.55 as the key moving average (100-DMA) probes short-term up-moves during the early Asian session on Tuesday.
Even so, the cross-currency pair’s ability to stay beyond a confluence of 21-DMA, one-month-old falling trend line and 50% Fibonacci retracement of May–July downtrend, amid bullish MACD, keeps buyers hopeful.
Hence, a clear break of 152.60 becomes necessary to witness further GBP/JPY buying towards a 61.8% Fibonacci retracement level of 153.16. However, the mid-month top and the monthly high, respectively around 153.50 and 154.10, will question the pair’s further rise.
It’s worth noting that a downward sloping trend line from late May, around 154.00, will also be the key hurdle for GBP/JPY bulls.
Alternatively, a daily closing below 152.30-20 support confluence may recall the 152.00 threshold to the chart.
Though, GBP/JPY bears will remain cautious ahead of witnessing a daily closing below the previous month’s low near 150.65.
Overall, GBP/JPY is up for recovering monthly losses but short-term advances seem to need a trigger.
GBP/JPY: Daily chart
Trend: Bullish