GBP/JPY Price Analysis: Stays firmer above 155.00 inside weekly ascending channel

• GBP/JPY rises for the third consecutive day, mildly bid near two-month top.
• Overbought RSI, Doji at multi-day high challenges further upside.
• 100/200 SMA confluence appears a tough nut to crack for bears.

GBP/JPY grinds higher inside a bullish chart pattern during an inactive Asian session on Friday. That said, the cross-currency pair picks up bids to 155.45, up 0.08% intraday, by the press time.

Although a one-week-old ascending trend channel formation keeps GBP/JPY buyers hopeful, Thursday’s Doji candlestick near the highest level in two months joins overbought RSI conditions to challenge the pair’s further upside.

Even if the quote rises past the recently flashed multi-day top of 155.67 and rejects the bearish candlestick, the upper line of the stated channel near 155.85 will act as an extra filter to the north.

In a case where GBP/JPY remains firmer beyond 155.85, tops marked during May and November, around 156.10 and 156.25, will be in focus.

Alternatively, a downside break of the channel’s lower line, near 155.05, will need validation from the 155.00 threshold before directing the GBP/JPY bears towards a join of the 100 and 200 SMAs, near 152.00. During the fall, December 23 swing low near 153.00 may act as a buffer.

GBP/JPY: Four-hour chart

Trend: Pullback expected