GBP/JPY Price Analysis: Pound tests key short-term resistance near 154.30

FX
  • GBP/JPY remains bullish, testing recent highs, eyes 155.00.
  • Under 153.90, a deeper correction seems likely, next support at 153.40.

The pound remains near the highest level in years versus the Japanese yen, hovering around 154.30. A consolidation above 154.40 would strengthen the pound, suggesting further gains. The next resistance could be seen at 154.80, before the strong barrier of 155.00.

On the flip side, the immediate support might be seen at 154.10, followed by the 153.80 (short-term uptrend). A break under 153.80 would alleviate the bullish pressure, suggesting a test of the support band at 153.45/50. A break lower would point to a deeper correction.

From a wider perspective, while above 145.00/20 (long-term uptrend line) the outlook will remain positive. The next long-term resistance is seen in the 155.00 area. A monthly close clear above would point to more gains over the medium-term.

GBP/JPY 4-hour chart

gbpjpy

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