GBP/JPY Price Analysis: Unable to hold above 153.30, upside pressure eases

• Pound hits fresh two-year highs versus yen and retreats.
• GBP/JPY holds bullish bias but shows some signs of exhaustion.

The GBP/JPY climbed to 153.35, reaching a fresh two-year high. The cross then pulled back under the 153.20 area and the upside pressure eased. The pound needs to hold above 153.25/30 to clear the way to more gains. The next strong resistance emerges at 153.70/75 before the 154.oo zone.

The MACD suggests some weakness ahead for the pound, not necessarily a correction. It reduces the odds of a bullish acceleration.

The immediate support is seen at 152.80/90 (horizontal level / 21-SMA in 4-hour chart). A consolidation below should alleviate the positive momentum for the pound. Below the next level is 152.40/50 that, if broken, should point to a deeper correction and to a test of 152.00.

GBP/JPY four-hour chart