In a corrective pullback from a multi-day low, GBP/JPY pulls up bids to refresh intraday highs.
Further increases are suggested by RSI circumstances, although historical support from late February adds to the upward filters.
During the first Asian session trade on Friday, the GBP/JPY consolidates the worst losses in two weeks around 151.40, following a U-turn from late April lows.
The cross-currency pair does so by taking cues from nearly oversold RSI circumstances to bounce off a multi-day low set the day before. The bears are further helped by the fact that they have been trading below a rising support line, which is now resistance, since February 26.
However, the 100-day EMA, as well as the previous support line near the 152.00 mark, limit immediate gains at 151.40.
Even if the GBP/JPY price rises over 152.00, the bulls will face resistance from a June 29 low around 152.60 and a 12-day-long resistance line near 153.70.
Meanwhile, bears will wait for a new multi-day low below 150.67 before aiming for the psychological target of 150.00.
Should the GBP/JPY sellers be able to break through the 150.00 support level, lows from April and March around 149.00 and 148.50, respectively, could tempt them ahead of the 200-day EMA level near 147.70.
Bearish trend/n
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