GBPJPY has experienced a steep uptrend since late September, with the price gaining almost 15% and posting a fresh 6½-year high of 172.10. Even though the pair declined moderately from its recent peak, it has been attempting a rebound in the last few daily sessions.
The short-term oscillators are indicating that bullish forces are strengthening. Specifically, the RSI has crossed above its 50-neutral mark, while the stochastic oscillator is ascending near the 80-overbought region.
In the positive scenario, should buying pressures persist, the price could challenge the October resistance of 167.50. Piercing through this region, further advances could come to a halt at the double-top region of 169.08. A break above the latter may then set the stage for the 6½-year high of 172.10.
On the flipside, bearish actions could send the price to test the 50-day simple moving average (SMA), currently at 165.00. Sliding beneath that floor, the bears could aim for the recent support of 163.04. Failing to halt there, the attention could shift to 162.30, which overlaps with the 200-day SMA.
Overall, GBPJPY has been gaining ground after its latest retreat came to a halt. However, a break below the 50-day SMA could spark another pullback
