GBP/JPY Price Analysis: Bullish impulse eyes double tops

GBP/JPY bulls take a breather after two-day uptrend.
Firmer RSI backs sustained trading beyond monthly support line, 200-SMA to keep buyers hopeful.

Anil Panchal FXStreet

GBP/JPY picks up bids inside an immediate trading range surrounding 157.00, following a pullback from the weekly high. That said, the quote remains sidelined after rising for the last two days.

However, the quote’s ability to bounce off an ascending support line from October 01 on Monday joins sturdy RSI and successful trading above 200-SMA to favor the bulls.

Hence, the latest peak around 157.70 is on the cards before the double tops near 158.20 challenge GBP/JPY upside.

It’s worth noting that a clear run-up past 158.20 will aim for the 160.00 psychological magnet with the late June 2016 peak of 159.21 acting as a buffer.

Meanwhile, a downside break of the immediate support line, near 156.85, will direct GBP/JPY sellers towards the 200-SMA level of 155.13.

In a case where the cross-currency remains weak past 155.13, October 12 swing low around 153.70 will be in focus.

GBP/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	157.17
Today Daily Change	0.60
Today Daily Change %	0.38%
Today daily open	156.57

Trends
Daily SMA20	153.95
Daily SMA50	152.26
Daily SMA100	152.6
Daily SMA200	151.28

Levels
Previous Daily High	156.82
Previous Daily Low	156.02
Previous Weekly High	158.22
Previous Weekly Low	155.93
Previous Monthly High	152.85
Previous Monthly Low	148.96
Daily Fibonacci 38.2%	156.52
Daily Fibonacci 61.8%	156.33
Daily Pivot Point S1	156.12
Daily Pivot Point S2	155.67
Daily Pivot Point S3	155.32
Daily Pivot Point R1	156.92
Daily Pivot Point R2	157.27
Daily Pivot Point R3	157.72

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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