- GBP / JPY strongly bullish, testing recent highs, with its sights set on 155.00.
- Immediate support is now at 154.35, followed by 153.95.
The GBP remains near its highest level in years against the Japanese yen, hovering around 154.70. Over the past hour, it lost steam amid a widespread rally in the yen amid a deterioration in market sentiment.
The GBP / JPY rally was capped by the 154.80 zone, the last defense at 155.00. The aforementioned level is a key barrier and above them it seems likely that there will be more gains towards the 155.55 / 60 region.
On the other hand, immediate support could be seen at 154.40 (previous resistance), followed by 153.95 (short-term uptrend). A break below 153.985 would ease the bullish pressure, suggesting a test of support at 153.45 / 50.
As long as the pound remains above 145.00 / 20 (long-term uptrend line), the outlook will remain positive. A monthly close above the long-term resistance area at 155.00 would point to more gains in the medium term.
4 hour chart
Technical levels
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