GBP/JPY Price Analysis: 100-day EMA challenges bounce off 10-week low

• GBP/JPY picks up bids to refresh intraday high in a corrective pullback from multi-day low.
• RSI conditions suggest further advances but previous support from late February adds to the upside filters.

GBP/JPY consolidates the heaviest losses in two weeks around 151.40, following a U-turn from late April lows, amid the initial Asian session trading on Friday.

In doing so, the cross-currency pair takes clues from nearly oversold RSI conditions to bounce off multi-day low, flashed the previous day. Also favoring the bears is the sustained trading below an ascending support line, now resistance, from February 26.

However, 100-day EMA restricts immediate upside around 151.40, not to forget the previous support line surrounding the 152.00 threshold.

Even if the GBP/JPY prices manage to rise past 152.00, June 29 low around 152.60 and a 12-day-long resistance line near 153.70 will challenge the bulls.

Meanwhile, bears will wait for a fresh multi-day low under 150.67 to aim for the 150.00 psychological magnet.

Should the GBP/JPY sellers manage to conquer the 150.00 support, lows marked in April and March, respectively around 149.00 and 148.50 could entertain them ahead of the 200-day EMA level close to 147.70.

GBP/JPY daily chart

Trend: Bearish