GBP/JPY Price Analysis: Bounces off one-week low but 155.20-15 stays in focus

• GBP/JPY picks up bids to pare intraday losses around one-week low.
• Bearish MACD, failures to cross 157.70-75 hurdle keep sellers hopeful.
• Convergence of 50-DMA, 11-week-old support line offers strong support.

GBP/JPY consolidates intraday gains around the weekly low, down 0.08% on a day near 156.00 during Tuesday’s Asian session.

The cross-currency pair refreshed a one-week low before reversing from 155.51.

Even so, MACD teases bears with the first downside signal in over two weeks. Also favoring sellers is the pair’s inability to cross the 157.70-75 area comprising multiple tops marked since January 05, 2022.

However, a confluence of the 50-DMA and an ascending support line from December 03, 2021, around 155.20-15, offers a tough nut to crack for the bears.

Following that, the 200-DMA level of 153.45 and January’s low of 152.90 will lure GBP/JPY bears.

Meanwhile, the corrective pullback may initially aim for the 157.00 threshold before challenging the 157.70-75 key resistance zone.

In a case where GBP/JPY prices provide a daily close beyond 157.75, October 2021 high near 158.25 will act as a validation point for the rally targeting above 160.00 region.

GBP/JPY: Daily chart

Trend: Further weakness expected