Trading above the major moving averages has been sustained. A firmer Momentum line is keeping buyers optimistic.
GBP/JPY braces for a three-day uptrend, battles support-turned-resistance around 156.90 by the press time of Thursday’s Asian session.
GBP/JPY prices will likely remain firmer due to the successful trading of the quote above 50-SMA (and 100-SMA respectively at 156.50/155.75). The Momentum line, which is currently positive, favors pair buyers.
The support line that was drawn on January 24th, at 157.05, is still the key to the pair’s upside to the monthly high of 158.05.
Bears of GBP/JPY will need to break the 100-SMA near 155.75 in order to move to the swing low at 155.30.
The 155.00 threshold should be followed by the monthly low of 54.50, which should attract pair sellers.
GBP/JPY is on an upward trend towards refreshing the monthly top.
