GBP/JPY Price Analysis: Bulls keep the reins beyond 141.15 key support

  • GBP/JPY prints mild gains while keeping the upside since Monday, seesaws around six-month high.
  • 100-hour EMA, one-week-old rising trend line restricts short-term downside amid normal RSI conditions.
  • Bulls can aim for the yearly top marked in February during the further upside.

GBP/JPY remains mildly bid around 141.90 amid Wednesday’s initial trading. The pound cross stays beyond 100 and 50-hour EMAs, also a short-term support line, amid the normal RSI conditions to keep the buyers hopeful.

As a result, the bulls are targeting 142.00 as immediate upside barriers before attacking 142.30 and the recently flashed multi-week top near 142.70.

During the quote’s further upside past-142.70, 143.40/50 can entertain the buyers ahead of diverting them towards the yearly high of 144.96.

Meanwhile, a 50-hour EMA level of 141.63 becomes the nearby support to watch in case sellers sneak in, a break of which will highlight 141.15 support confluence including 100-hour EMA and an ascending trend line from August 24.

Should GBP/JPY prices slip below 141.15, sellers may wait for a clear break of 141.00 to challenge the 140.00 threshold.

GBP/JPY hourly chart

Trend: Bullish

 

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