GBP/JPY Price Analysis: Eyes another battle with 50% Fibo.
- GBP/JPY retreats from intraday top but stays firmer around monthly high.
- Bulls remain hopeful to challenge mid-November tops until the quote stays above 152.55 support confluence.
GBP/JPY eases from daily highs to 153.35, staying firmer intraday, during early Monday morning in Europe.
The cross-currency pair snapped a three-day uptrend the previous day but stayed above 200-DMA and 38.2% Fibonacci retracement level of October-December declines.
The failures to break the 152.55 support level join bullish MACD signals to trigger another attempt towards breaking the 50% Fibo. level near 153.70.
Following that, the November 17 swing high close to 154.75, also including the 61.8% Fibonacci retracement level, will challenge the GBP/JPY buyers.
Alternatively, a clear downside break of 152.55 will aim for 151.70 and 23.6% Fibo. level of 151.17 before testing the previous resistance line from October, surrounding 150.40.
In a case where GBP/JPY sellers keep reins past 150.40, the 150.00 threshold and the yearly bottom of 148.45 will be on their radars.
GBP/JPY: Daily chart
Trend: Further upside expected