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GBPJPY Reaches 100 MA After Bounce At Base Of Trading Range

GBPJPY’s current upward drive is questionable around the 100-day simple moving average (SMA) at 152.43 after the 2½-month floor of the sideways market, halted once again negative tendencies from gaining downward momentum. The converging SMAs and especially the 50- and 100-day averages are endorsing the horizontal trajectory in the pair.

The short-term oscillators are indicating a scenario of weak positive momentum. The MACD has marginally pushed higher into the bullish region, while the rising RSI is trying to improve further in positive territory. The stochastic %K line is hinting buying forces are somewhat struggling but has yet to confirm sellers having taken command over the pair.

If buyers stay in control, an immediate zone of resistance between the 100-day SMA at 152.43 and the nearby high of 152.84 may emerge. Pushing above the upper Bollinger band, the next section of upside friction could transpire from the neighbouring region of 153.30-154.06. Conquering this border may propel the pair towards the June 15 and 23 respective highs of 155.14 and 155.47. Floating further past these barriers could then encourage buyers to challenge the 156.00-156.60 resistance boundary.

To the downside, preliminary support could arise in the area between the 50-day SMA at 151.31 and the 150.96 level, which is the 23.6% Fibonacci retracement of the up leg from 134.39-156.06. Beneath the mid-Bollinger band, the 200-day SMA at 150.53 could provide the next support to the price before the bears retest the bottom of the consolidation of 148.51-149.41. Should this base fail to negate sellers’ efforts, another reinforced support obstacle of 147.39-148.10 could prove to be a challenge to overcome.

Summarizing, GBPJPY is currently exhibiting a vulnerable neutral-to-bullish tone. For a clearer picture to evolve in the short-term, the price would need to steer either below 148.51 or above 154.06.

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