GBPJPY has pushed over the 150.65 barrier and is making efforts to test the resistance band of 151.30-151.60. The falling simple moving averages (SMAs) are defending the broader bearish move, while the uptick in the red Tenkan-sen line is suggesting robust buying interest off the four-and-a-half-month bounce.
The short-term oscillators are indicating growing upside momentum, although the bearish structure still maintains the upper hand. The MACD below zero is improving above its red trigger line, while the upward pointing RSI has broken above the 50 threshold. Backing additional positive price action is the stochastic oscillator, which is sustaining its positive charge in the overbought territory.
If buyers manage to sustain their advantage, tough upside constraints may commence from the 151.30-151.60 region, reinforced by the approaching 50-period SMA overhead at 151.66. Making additional headways, the bulls may then meet resistance around the 100-period SMA at 152.29 near the Ichimoku cloud, while the neighbouring highs of 152.55 and 152.79 could make it even harder for buyers to tilt the bias more in their favour.
If sellers retake control, initial friction may emanate from the 150.65 barrier before the bears test the 150.00 handle. Sinking beneath this round number, support could develop around the red Tenkan-sen line at 149.71 ahead of the 149.27 low. If negative pressures gain more power, the obstacle to beat becomes the buffer zone of 148.45-148.76, a break of which may revive the downward trajectory quickly testing the March 2 low of 148.10.
Summarizing, in the short-term timeframe, GBPJPY’s bearish bearing remains intact as long as the price persists below the 151.30-151.60 boundary and the SMAs.
