GBP/JPY Price Analysis: Further upside hinges on 162.15 breakout

• GBP/JPY remains mildly bid inside monthly symmetrical triangle.
• Steady RSI hints at further grinding towards the north.
• 100-SMA adds strength to the upside filters, sellers should wait for sub-161.00 area for fresh entry.

GBP/JPY struggles to defend buyers inside a short-term symmetrical triangle, despite posting mild gains around 161.65 during Monday’s Asian session. In doing so, the cross-currency pair rises for the second consecutive day.

Given the steady RSI and the sluggish moves of the pair inside a pattern suggesting trend continuation, the GBP/JPY prices may remain sidelined while printing smaller gains.

However, the 100-SMA and the mentioned triangle’s resistance line highlight the 162.10-15 area as the key hurdle for the pair buyers to tackle.

Following that, a run-up towards the 200-SMA and the mid-month high, respectively near 163.00 and 163.60, can’t be ruled out.

It’s worth noting that multiple hurdles marked during late July and early August could act as the last defense of the GBP/JPY bears around 163.90-164.00.

Meanwhile, pullback moves remain elusive until staying beyond the stated triangle’s support line, at 161.20. Also acting as a downside filter is the 161.00 round figure.

In a case where GBP/JPY remains bearish past 161.00, the odds of witnessing a south-run towards the 160.00 psychological magnet and the monthly low near 159.45 could lure the bears.

GBP/JPY: Four-hour chart

Trend: Further upside expected