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GBP/JPY Price Analysis: 100-DMA challenges further upside around 152.50

  • GBP/JPY edges higher near two-week top, after four-day uptrend.
  • Bullish MACD, sustained break of 152.20-30 hurdle-turned-support favor buyers.
  • 61.8% Fibonacci retracement lures bulls, bears can eye June’s bottom below 152.00.

GBP/JPY bulls take a breather around 152.55 as the key moving average (100-DMA) probes short-term up-moves during the early Asian session on Tuesday.

Even so, the cross-currency pair’s ability to stay beyond a confluence of 21-DMA, one-month-old falling trend line and 50% Fibonacci retracement of May–July downtrend, amid bullish MACD, keeps buyers hopeful.

Hence, a clear break of 152.60 becomes necessary to witness further GBP/JPY buying towards a 61.8% Fibonacci retracement level of 153.16. However, the mid-month top and the monthly high, respectively around 153.50 and 154.10, will question the pair’s further rise.

It’s worth noting that a downward sloping trend line from late May, around 154.00, will also be the key hurdle for GBP/JPY bulls.

Alternatively, a daily closing below 152.30-20 support confluence may recall the 152.00 threshold to the chart.

Though, GBP/JPY bears will remain cautious ahead of witnessing a daily closing below the previous month’s low near 150.65.

Overall, GBP/JPY is up for recovering monthly losses but short-term advances seem to need a trigger.

GBP/JPY: Daily chart

Trend: Bullish

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