GBPJPY is struggling to extend further gains past the December 2019 high of 147.95. The near two-month impressive climb from the 136.95 trough appears to currently be a tad frail, something also reflected in the slight stalling of the hiking Ichimoku lines. Nevertheless, the predominantly bullish simple moving averages (SMAs) are continuing to nurture the rally.
The short-term oscillators remain relatively skewed positive. The MACD, some distance above zero, is rising over its red trigger line, while the RSI is persisting above the 80 threshold. The stochastic lines are hovering in overbought territory and have yet to convey any negative price tendencies.
If buyers regain consciousness, immediate upside limitations may occur by re-testing the durable barrier of 147.95. Should the bulls manage to drive the price northwards, the forthcoming rigid zone of peaks from 148.86 until 149.82, spanning from May 2018 until March 2019, could prove hard to overcome. However, successfully surpassing this reinforced boundary and the 150.00 hurdle, the pair could then propel towards the 150.83 mark.
Otherwise, if sellers steer the price down, support may commence at the 146.40 low. If a pullback evolves from here, the red Tenkan-sen line at 145.93 could impede the test of the 144.94 barrier. Subsequently, if a deeper retracement emerges, the support band of 143.68-144.09, which contains the blue Kijun-sen line as well, could attempt to dismiss a price correction.
Summarizing, for GBPJPY to sustain its short-term bullish bias, the price would be required to hold above the Ichimoku lines, the 144.94 border and the 143.68-144.09 support region
