GBP/JPY Price Analysis: Triangle breakout, 200-HMA break favors bulls

• GBP/JPY takes the bids to refresh intraday high, extends Friday’s rebound.
• Clear upside break of short-term key hurdles joins bullish MACD signals to back further advances.
• Monthly resistance line guards immediate upside, sellers need downside break of 149.70 for fresh entry.

GBP/JPY justifies the run-up beyond a weekly triangle and 200-HMA, refreshing intraday high around 150.50 during early Monday. The cross-currency pair also takes clues from bullish MACD signals to keep buyers hopeful.

It should be noted, however, that a descending trend line from December 01, around 150.85, probes the GBP/JPY buyers ahead of directing them to the 151.00 threshold and the monthly peak of 151.44.

Following that, 50% and 61.8% Fibonacci retracement levels of November 23 to December 03 downside, around 151.60 and 152.65 in that order, will challenge the pair’s further upside momentum.

Meanwhile, the 200-HMA level of 150.27 will precede the stated triangle’s resistance line, now support around 150.00, to restrict the short-term GBP/JPY declines.

Adding to the downside filters is a one-week-old rising trend line, forming part of the triangle, near 149.70.

GBP/JPY: Hourly chart

Trend: Further upside expected