GBP/JPY Price Analysis: Bulls have an upper hand above 139.50
FXStreet News

GBP/JPY Price Analysis: Bulls have an upper hand above 139.50

  • GBP/JPY keeps bounces off short-term horizontal support, 100-bar SMA.
  • MACD flirts with bulls as the quote keeps Wednesday’s gains.
  • A Three-week-old ascending trend line lures the bulls.

GBP/JPY prints mild gains above 140.00, currently around 140.25, during Thursday’s Asian session. In doing so, the pair retains the early week’s recovery moves from late-December lows and 100-bar SMA.

Considering the MACD signals also flirting with the bulls, coupled with the quote’s ability to stay beyond the key short-term support, GBP/JPY is likely to remain on the bull’s radar.

That said, the recent high around 140.55 and the 140.00 threshold seem to lure the short-term buyers ahead of Monday’s peak surrounding 141.30.

During the GBP/JPY run-up beyond 141.30, an ascending trend line from December 22, currently around 141.55, will be in the spotlight.

Meanwhile, 100-bar SMA and stated horizontal area from December 28, respectively near 139.70 and 139.50, can limit pullback moves of GBP/JPY.

Though, any clear downside below 139.50 can make the pair vulnerable enough to revisit the December 22 low of 138.00 before eyeing the previous month’s bottom close to 136.80.

GBP/JPY four-hour chart


Trend: Bullish


FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.