- GBP/JPY steps back from the monthly high.
- 50% Fibonacci retracement back in focus.
- Mid-December 2019 lows will be on buyers’ radars during further upside.
Having registered one more failure to cross 144.60 the previous day, GBP/JPY pulls back to 144.35 amid the Asian session on Friday.
While considering the upbeat signals from MACD and RSI, GBP/JPY prices are likely to keep the strength. However, a sustained break of 144.60 will need to be validated by a daily closing beyond 144.66 comprising 38.2% Fibonacci retracement of November-December 2019 upside.
Should that happen, the quote can quickly rise towards December 13 low near 145.46 and 23.6% Fibonacci retracement level of 145.92 ahead of challenging the year top near 148.00.
Alternatively, 50% Fibonacci retracement, at 143.65, gains the counter-trend traders’ attention.
However, an upward sloping trend line from February 10, at 142.84 now, can question the sellers afterward.
GBP/JPY daily chart
Trend: Bullish
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