GBP/JPY Price Analysis: Bulls enter bumpy road to north of 151.00

• GBP/JPY seesaws around eight-day high, after rising the most in five weeks.
• Strong Momentum keeps buyers hopeful but broad resistance area, 200-SMA challenges the run-up.

GBP/JPY bulls take a breather above 151.00, down 0.02% intraday around 151.40 during Thursday’s Asian session.

The cross-currency pair jumped the most since July 21 the previous day, also crossing the highest levels since August 16. In doing so, the quote entered a broad resistance area comprising multiple levels marked in the last two months.

Even if the strong Momentum line suggests further advances by the pair, the 200-SMA level of 151.75 precedes the stated 151.30–55 area to probe GBP/JPY bulls.

In a case where the pair buyers keep reins past 151.75, the 152.00 threshold and a horizontal line stretched from July 26 near 152.60-65 will be in focus.

Meanwhile, pullback moves will aim for the 151.00 round figure but the weekly ascending support line around 150.50 and the 150.00 psychological magnet will limit the pair’s further downside.

Should GBP/JPY bears remain dominant past 150.00, the monthly low around 149.20 and July’s low near 148.50–45 will gain the market’s attention.

GBP/JPY: Four-hour chart

Trend: Further upside expected