GBP/JPY Price Analysis: Mildly bid near 39-month high on the way to 155.50

GBP/JPY stays on the front foot near February 2018 top.
Bullish MACD, sustained break of previous key hurdle back the bulls.
61.8% FE lure buyers, bumpy road for the bears.

GBP/JPY remains strong near 153.85-90, up 0.15% intraday, amid Tuesday’s Asian session. The pair refreshed the multi-month top by crossing April’s top the previous day.

Given the strong MACD and a sustained breakout of the key hurdle, now support, GBP/JPY remains on the bull’s radar unless dropping back below April’s high near 153.35.

Even if the quote slips beneath the 153.35 immediate support, multiple tops marked since March 12 around 152.40-35 can test the sellers before dragging them to a two-week-old rising trend line, near 151.65.

Alternatively, Monday’s peak surrounding the 154.00 and late January 2018 highs close to 154.60 may act as nearby resistance during the quote’s further upside.

However, major attention will be given to the 61.8% Fibonacci Expansion (FE) of the pair’s run-up from February, also considering the April month’s fall, near 155.50.

GBP/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	153.86
Today Daily Change	0.22
Today Daily Change %	0.14%
Today daily open	153.64

Trends
Daily SMA20	151.05
Daily SMA50	151.02
Daily SMA100	147.14
Daily SMA200	142.51

Levels
Previous Daily High	154.03
Previous Daily Low	151.98
Previous Weekly High	152.24
Previous Weekly Low	150.93
Previous Monthly High	153.42
Previous Monthly Low	149.06
Daily Fibonacci 38.2%	153.25
Daily Fibonacci 61.8%	152.76
Daily Pivot Point S1	152.4
Daily Pivot Point S2	151.17
Daily Pivot Point S3	150.36
Daily Pivot Point R1	154.45
Daily Pivot Point R2	155.26
Daily Pivot Point R3	156.49

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