Technical Analysis

GBP/JPY Maintains Upside Momentum Above 200-Day SMA

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    posted a bullish rally over the last couple of days, rebounding off the 159.70 barrier and surpassing the SMAs as well. 

    The pair is flirting with the 167.00 round number with the technical oscillators confirming the recent bullish bias. The RSI is ticking slightly higher in the positive region, while the MACD is extending its movement above its trigger and zero lines.

    More upside pressures could open the way for the next immediate resistance at 167.50 before resting near the more-than-six-year high of 168.65. If the market manages to jump higher, the April 2015 peak of 175.00 may halt the bullish actions.

    On the other hand, a dive beneath the 165.70 support could take the market towards the 50- and 20-day simple moving averages (SMAs) at 162.30 and 161.30 respectively ahead of the 200-day SMA at 160.70. Steeper losses could meet the 159.70 obstacle and the 152.60 hurdle.

    To sum up, GBPJPY is bullish in the very short-term and any advances beyond the more-than-six-year high could endorse a long-term positive outlook.  


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