GBPJPY Advances Following Bounce Off 160.00

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GBPJPY has outperformed during the last sessions after the bounce of the psychological level 160.00. The RSI indicator goes north above the neutral threshold of 50, while the MACD oscillator falls below its trigger line in the positive region. On trend indicators, the 20- and 40-day simple moving averages (SMAs) posted a bullish crossover, confirming the recent bullish bias.

If buyers drove to the more than six-year high of 168.65 and jump above it, they could face initial strengthened resistance from the round number 175.00, recorded in April 2015.

Otherwise, if sellers take control, initial support could come from the 20-day SMA at 163.10 ahead of the 161.70 support and the 160.00 barrier below. Diving further, immediate restrictions may arise from the 200-day SMA at 156.50.

Overall, the very short-term time frame supports the bullish regime at present. Also, a break above the more than six-year high could support the long-term positive outlook.

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