Friday’s price action portrayed a hammer preceded by a downtrend, meaning that the GBP/JPY might print a leg-up. On Monday, the GBP/JPY resumed its uptrend, forming a bullish engulfing candle pattern, favoring the upside in the cross-currency pair. The Relative Strength Index (RSI) also shifted bullish, while the Rate of Change (RoC) jumped from neutral.
From an intraday perspective, the GBP/JPY 4-hour chart portrays the pair as neutral to downward biased facing the confluence of the 100 and 200-EMAs, around 161.52/58. A decisive break and the GBP/JPY could rally to 162.00, followed by the R2 daily pivot point at 162.22. Upside risks lie at a 5-month-old downslope trendline at around 162.50-60, followed by a March 23 daily high test at 163.33.
On the other hand, and the GBP/JPY path of least resistance in the near term, the first support would be the 50-EMA at 161.14, immediately followed by the R1 daily pivot at 161.01. Once hurdle, the pair might fall to the 20-EMA at 160.78, followed b
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