GBPJPY has been holding in a horizontal trajectory over the last week following the bounce off the 24-week peak of 140.19. However, the price is still developing above the five-month ascending trend line. Technically, the RSI indicator is moving marginally up in the positive area, while the stochastic is posting a bullish crossover within the %K and %D lines.
More upside movements could take the price towards the immediate 140.90 resistance before creating a steeper increase until the 144.95 barrier, taken from the peak on February 21.
Alternatively, a failed attempt to have a closing day above the 139.80 region could take the price to the 20-day simple moving average (SMA) at 138.11 ahead of the 200-day SMA at 138.35, which stands near the ascending line and the 136.60 support. Below that, the market could switch the bullish picture to negative, hitting the 40-day SMA at 136.32 and the 100-day SMA at 134.65, marginally above the 133.95 barrier.
Concluding, GBPJPY is posting higher highs and higher lows in the medium term. That said, a descending move beneath the 100-day SMA would change the bullish move to bearish.
