- GBP / JPY extends the bounce and breaks above 150.00.
- The general outlook looks bearish on the 4-hour chart, but the pound could rise further in the coming sessions.
The GBP/JPY it bottomed out last week at 149.08 and rallied, making a reversal. The cross rose above the 21 SMA on the four-hour chart, and also 150.00. As long as it is above that zone, the very short-term outlook would favor the upside. At 150.40 is immediate resistance followed by 150.85 and the downtrend line at 151.30.
A break above 151.30 could point to a possible end to the downward correction from levels above 153.00, negating the current bearish tone.
On the other hand, a drop below 149.90 would favor some consolidation between 150.00 and 149.40. A firm drop below 149.40 should expose the 149.00 area.
4 hour chart
Technical levels
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