GBPJPY has been overperforming over the last few sessions after the rebound off the 160.00 psychological level. The RSI indicator is heading north above the neutral threshold of 50, while the MACD oscillator is falling below its trigger line in the positive region. In trend indicators, the 20- and 40-day simple moving averages (SMAs) posted a bullish crossover, confirming the recent bullish bias.
Should buyers drive towards the more-than-six-year high of 168.65 and jump above it, they could encounter initial strengthened resistance from the 175.00 round number, registered in April 2015.
Otherwise, if sellers take control, initial support could come from the 20-day SMA at 163.10 ahead of the 161.70 support and the 160.00 barrier underneath. Diving further, immediate limitations may arise from the 200-day SMA at 156.50.
All in all, the very short-term timeframe sustains the bullish mode for now. Also, a break above the more-than-six-year high could endorse the long-term positive outlook.
