GBP/JPY Price Analysis: Extends bounce off 78.6% Fibo towards 152.00

• GBP/JPY picks up bids to refresh intraday high, reverses from 11-week low.
• RSI rebounds from oversold territory as 78.6% Fibonacci retracement challenges bears.
• Previous support line from December, 200-DMA become the key hurdle.

GBP/JPY justifies the previous day’s rebound from key Fibonacci retracement (Fibo.) support while refreshing the daily high to 151.65 during Wednesday’s Asian session.

Given the improvement in the RSI line from the oversold zone, the quote is likely to extend the latest U-turn from the 78.6% Fibo. of September-October 2021 upside near 150.95 by the press time.

In doing so, a 61.8% Fibonacci retracement level around 152.50 will be on the GBP/JPY buyer’s radar.

However, the support-turned-resistance from December 3, 2021, around 153.00, will precede the 200-DMA level of 153.37 to challenge GBP/JPY buyers.

Alternatively, a clear downside break of 150.95 won’t hesitate to direct the GBP/JPY prices toward the 150.00 psychological magnet.

Though, lows marked during September and December 2021, close to 149.00-148.95, will be a tough nut to crack for the pair sellers afterward.

GBP/JPY: Daily chart

Trend: Further recovery expected