GBP/JPY Price Analysis: Ignores bearish spinning top around monthly high, 154.75 eyed

• GBP/JPY stays firmer around intraday/monthly high despite posting bearish candlestick the previous day.
• Upbeat MACD conditions, successful trading beyond the key DMA favor buyers.
• Late November’s swing high holds the key to further upside.

GBP/JPY seesaws around 154.30, up 0.05% intraday, ahead of Wednesday’s London open.

The cross-currency pair refreshed the highest level in a month before reversing from 154.58. In doing so, the quote prints a bearish spinning top candlestick that challenges the short-term upside of the pair.

However, bullish MACD signals and the sustained trading above 200-DMA, as well as the 50-DMA, keep the pair buyers hopeful.

That said, a clear upside break of the November 17 peak near 154.75 becomes necessary to direct the GBP/JPY prices towards 23.6% Fibonacci retracement (Fibo.) level of September-October upside, near 156.00.

Following that, the 157.00 threshold may offer an intermediate halt during the run-up to the yearly peak of 158.22.

Alternatively, the 50% Fibo. level of 153.57 will restrict the quote’s pullback moves before directing them to the 50-DMA level of 153.00.

In a case where the GBP/JPY remains below 153.00, the 200-DMA and 610.8% Fibonacci retracement, respectively around 152.60 and 152.50, will be in focus.

GBP/JPY: Daily chart

Trend: Further upside expected