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8 Feb 2022

GBP/JPY Price Analysis: Teases bull flag confirmation around 156.00

  • GBP/JPY stays firmer around intraday high, snaps two-day downtrend.
  • Bullish chart pattern, sustained trading beyond key SMAs keep buyers hopeful.
  • MACD conditions challenge the upside momentum, monthly high adds to the upside filters.

GBP/JPY consolidates recent gains as it pokes the bull flag’s resistance around 156.00, up 0.18% intraday during Tuesday’s Asian session.

In doing so, the cross-currency pair justifies the sustained trading above 200 and 100 SMAs inside a bullish chart pattern. It’s worth noting, however, that the MACD signals do challenge GBP/JPY bears.

Hence, a clear upside break of the 156.15 level becomes necessary for the pair buyers to keep reins.

Following that, the monthly high near 156.50 will validate the run-up towards the theoretical target near 162.00.

During the run-up tops marked in January 2022 and October 2021, respectively around 157.70-75 and 158.20-25, will act as buffers.

Meanwhile, pullback moves may initially challenge the 200-SMA and the 100-SMA levels, around 155.45 and 155.05 in that order.

Though, the lower line of the stated flag, close to 155.00, will challenge the GBP/JPY bears afterward.

GBP/JPY: Four-hour chart

Trend: Further upside expected

 

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