GBP/JPY Price Analysis: Off weekly bottom to regain 151.00 but bears not out of woods

• GBP/JPY consolidates recent losses, edging higher of late.
• 200-SMA challenges rebound from 50-SMA, 13-day-old horizontal area adds to the upside filters.

GBP/JPY regains 151.00, following its heaviest fall in over a week, during Wednesday’s Asian session.

In doing so, the cross-currency pair bounces off a weekly low as 50-SMA defends the bulls.

However, 200-SMA challenges the recovery moves around 151.20 amid downbeat Momentum line.

Also testing the GBP/JPY buyers is the 61.8% Fibonacci retracement of September 14-21 downside and a short-term horizontal area comprising multiple levels marked since September 10, respectively around 151.40 and 151.90-95. It’s worth noting that the 152.00 threshold needs to validation the quote’s upside past 151.95.

Meanwhile, pullback moves may retest the 50-SMA level surrounding 150.70 before September 21 Swing high near 150.15 and the 150.00 psychological magnet question the sellers.

Should there be an additional downside past 150.00, the monthly low near 148.95 will be in focus.

GBP/JPY: Four-hour chart

Trend: Pullback expected