GBP/JPY Price Analysis: Pares Tuesday’s losses but a double-top keeps bears hopeful

• The British pound keeps the yen under pressure, rising so far 0.88% in the week.
• GBP/JPY daily chart depicts a double-top with a target of 148.50.
• GBP/JPY Technical Outlook: Neutral-upward, bull’s failure of a daily close above 155.00 would keep bears hopeful of a leg-down.

GBP/JPY rises and leaves the 100 and 200-daily moving averages (DMAs) below in late trade in the New York session, as the price probes March’s one daily high, threatening of paring that day losses and eyeing the 155.00 mark. At press time, the GBP/JPY trades at 154.73, up more than 1% in the session.

Worth noting, the jump-off lows occurred near the confluence of the 200-DMA and the neckline of a “double-top” around 153.00. However, unless GBP/JPY bull reclaims 155.50, a 50-DMA level, GBP/JPY bears would remain hopeful of another attempt towards the former.

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY meanders around the 100-DMA, though trades above it. However, to further cement a case of a move towards the 50-DMA, a daily close above 155.00 is needed. If GBP/JPY bulls reclaim the latter, it will open the door for the 50-DMA. Otherwise, the cross-currency pair would be under downward pressure, as that would signal GBP/JPY bears that buying pressure eased.

Contrarily, if GBP/JPY bears hold the price below 155.00, the first support level to challenge will be 154.00. Breach of the latter would expose the “neckline” at 152.90, once cleared, bears could target 152.00.