GBP/JPY Price Analysis: Bulls challenge 50-day SMA near 153.90

• GBP/JPY consolidates near 153.60 for the past four sessions.
• Additional gains envisioned if price closes above the support-turned-resistance near 153.70. 
• Momentum oscillators remain neutral with positive bias.

GBP/JPY price edges higher on the first trading week on Monday in the initial Asian session. The currency pair opened higher and continued to push higher.

At the time of writing, GBP/JPY is trading at 153.70, up 0.07% for the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY pair after retreating from the high of 155.15 made on June 23, recovered from the low level of 152.61 in the previous week.

That said, a sustained break above 153.70 could intensify the buying pressure in the pair.

In doing so, GBP/JPY would test the first upside target at the 50-day Simple Moving Average (SMA) at 153.91.

The Moving Average Convergence Divergence (MACD) indicator trades just below the midline with a positive bias, which signifies the impending higher price movement. Any uptick in the MACD would ignite a fresh round of buying opportunities.

Market participants would then look out for June 28 high at 154.23, followed by the 155.50 horizontal resistance level.

Alternatively, if price fails to hold intraday’s gains, it implies persistence weakness in the pair with immediate support at the 153.20 horizontal support level.

Next, GBP/JPY bears attempt to capture Friday’s low in the vicinity of the 153.00 area.

A daily close below the 153.00 level would increase the probability of the 152.70 horizontal support level appearing.

GBP/JPY additional level