GBP/JPY Price Analysis: Crosses weekly hurdle to regain 164.00

• GBP/JPY grinds higher during the second positive daily performance of the week.
• Firmer RSI, a clear upside break of one-week-old trend line favor buyers.
• 200-SMA, three-week-long resistance line challenge short-term upside.

GBP/JPY picks up bids around 164.05 heading into Thursday’s London open. In doing so, the cross-currency pair crosses the one-week-old resistance line, now support, to lure the bulls.

In addition to the trend line breakout, the firmer RSI (14), not overbought, also keep GBP/JPY buyers hopeful.

That said, the 200-SMA surrounding 164.45 appears the immediate resistance for the pair traders to watch during the quote’s further upside.

Following that, a downward sloping trend line from June 21, close to 164.60, appears as the latest defense for GBP/JPY bears.

Alternatively, pullback remains elusive until the quote stays beyond the resistance-turned-support line near 163.85.

In a case where GBP/JPY declines below 163.85, the odds of witnessing the pair’s another fall towards one-week-old horizontal support near 161.80 can’t be ruled out.

However, a monthly support line near 160.55 and the 160.00 psychological magnet appear the key support for GBP/JPY bears to consider if the quote drops below 161.80.

GBP/JPY: Four-hour chart

Trend: Further upside expected