GBPJPY remains in a bullish phase and is trying to hit again the 19-month high of 156.07 resistance level. The price rebounded on the 154.40 support barrier and is creating a bullish movement. The bullish picture in the medium term is further supported by the MACD, which is rising and above its red signal line.
In the 4-hour chart, momentum indicators are pointing to a neutral bias but remain in positive territory, Specifically, the Relative Strength Index (RSI) is flattening, and the MACD oscillator is moving sideways and trying to post a bullish crossover with its trigger line.
If price action remains positive, there is scope to test the aforementioned 19-month high. Clearing this key level could see additional gains towards the significant psychological level of 160.00 taken from the high in June 2016.
If the 154.40 support fails, then the focus could shift to the downside towards the 23.6% Fibonacci retracement level around 154.00 of the up-leg from 146.95 to 156.07. If this level is breached, it could increase downside pressure until the 153.70 support barrier. From here, GBPJPY could be on the path towards the 153.10 low.
