GBPJPY formed a fresh top at the 1 ½-year high of 148.88 today in the four-hour chart before reversing lower to stop at the 20-period moving average which for once again stood a wall to bearish actions, holding the upward bias in play. The RSI and the MACD have both weakened, with the former dropping towards its neutral threshold of 50 and the latter easing below its red signal line. Still, upside risks have not been faded out yet as both indicators continue to fluctuate in bullish territory; the RSI above 50 and the MACD above zero.
Should the price shift above the 148.00 round level, traders could look for resistance at the 148.88 peak, where bulls could push hard to extend the upleg from 143.77. In this case, the pair could overcome the 149.00 level to test the area between 149.30 and 150.00 where the price topped during May.
On the flip side, a decline could find support at the 20-period MA currently at 147.92, while if the bearish moves appear stronger, the price could hit the 23.6% Fibonacci of 147.68 of the upleg from 143.77 to 148.88. A failure to hold above this level could then open the door for the 38.2% Fibonacci of 146.93, that previously kept upside and downside movements under control.