GBP/JPY Price Analysis: Struggles to find traction above 100-HMA

• GBP/JPY remains above 100-HMA for the first time in over a week.
• Upbeat oscillators also favor the pair’s recovery moves from short-term horizontal support.
• A confluence of 200-HMA, 50% Fibonacci retracement becomes the key resistance.

Despite staying above 100-HMA for the first in over a week, GBP/JPY registers 0.05% gains to 133.00 amid the initial hour of Tokyo open on Monday.

Even so, bullish MACD and RSI conditions, as well as sustained trading beyond immediate horizontal support around 132.40 seem to keep the buyers hopeful.

However, a confluence of 200-HMA and 50% Fibonacci retracement level of the pair’s fall from April 14 to 21, around 133.65/70, becomes the key upside barrier.

Alternatively, pair’s declines below 132.40 can challenge the monthly bottom surrounding 131.90 ahead of pushing the bears towards 130.00 psychological magnet.

GBP/JPY hourly chart

Trend: Further recovery expected