GBP/JPY Price Analysis: Advances toward five months highs above 156.00

• GBP/JPY continues with its weekly gains on Friday in the early European session.
• A successful weekly close above 156.00 exposes 2018 highs.
• Momentum oscillator support bullish momentum.

The GBP/JPY cross-currency pair pushes higher on Friday morning. The pair remains on track to book gains for the second week in a row. At the time of writing, GBP/JPY is trading at 155.96, up 0.37% on the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY cross currency pair has risen sharply after breaking the strong long-time resistance barrier near the 152.90-153.00 zone. The pair touched the 156.00 mark for the first time since May. A successful weekly close above 156.00 would open the doors for the 2018 highs near 156.61. Furthermore, the Moving Average Convergence Divergence (MACD) indicator holds the overbought zone, which signifies the underlying bullish sentiment.

Alternatively, on the reverse side, the bears would meet the 155.00 horizontal support level and then this Tuesday’s low at 153.68. The GBP/JPY bears would then approach toward the 153.00 psychological mark.

GBP/JPY additional levels