GBPJPY in spite of the latest pullback has managed to keep its bullish tone. The surge from the 131.93 low has held a positive trend climbing above the simple moving averages (SMAs). Additionally, the rising Ichimoku lines and the cloud promote extra gains.

The short-term oscillators also suggest growing positive momentum. The MACD, in the positive region, is holding above its red trigger line and seems may appreciate further. The RSI is increasing in bullish territory and may enhance the positive outlook in price. On top of this, traders need to be aware of the recent bullish crossover of the 100-day SMA by the ascending 50-day one, which may boost the short-term positive picture.

If buyers manage to remain above the 134.80 level, that being the 38.2% Fibonacci retracement of the down leg from 139.73 to 131.75, initial resistance may occur at the 135.39 nearby high. Pushing northwards, the bulls may encounter the 50.0% Fibo of 135.73 ahead of a key resistance section from 136.14 – 136.33. Should this fail to terminate the climb, the pair may be challenged by the 61.8% Fibo of 136.66 ahead of the 137.40 high.

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If sellers succeed in sinking below the 38.2% Fibo of 134.80 and the Ichimoku lines beneath, the 200-day SMA at 134.19 could provide initial support. More losses may pause under the 200-day SMA around the upper surface of the cloud until the 23.6% Fibo of 133.64, where the bullish cross currently resides. A sustained dive under the cloud may rest at the 132.93 low before targeting the 131.93 and 131.75 troughs.

Summarizing, the short-term bias holds a neutral-to-bullish tone above the 134.00 low. Yet, a break above 136.33 could reinforce the hike, while a shift below 131.62 may spark bearish concerns in the pair.

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