- GBP/JPY extends rebound and breaks above 150.00.
- The overall outlook looks bearish in the 4-hour chart, but the pound could rise further over the next sessions.
The GBP/JPY bottomed last week at 149.08 and rebounded, making a reversal. The cross rose above the 21-SMA in the four-hour chart, and also 150.00. While above that area, the very short-term outlook would favor the upside. At 150.40 is the immediate resistance followed by 150.85 and the downtrend line at 151.30.
A break above 151.30 could point to a potential end of the bearish correction from levels above 153.00, negating the current bearish tone.
On the flip side, a slide back below 149.90 would favor some consolidation between 150.00 and 149.40. A firm slide under 149.40 should expose the 149.00 area.
GBP/JPY 4-hour chart
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