GBP/JPY Price Analysis: Looks set to refresh multi-month top above 152.00, BOE in focus

• GBP/JPY picks up bids to the weekly top, inches closer to the highest since April 2018 flashed last week.
• Sustained break of one-week-old falling trend line, lack of overbought RSI can favor bulls to cross the immediate hurdle.
• Ascending trend line from late February adds to the downside filters.

GBP/JPY takes the bids near the weekly top, currently up 0.15% around 152.21, during the initial Asian session trading on Thursday. In doing so, the quote extends the previous day’s upside break of short-term resistance line, now support, towards the multi-month high flashed during the last week.

Considering the strong RSI, not overbought, coupled with successful trading above the key trend lines and SMA, GBP/JPY is up for rising to the fresh high since April 2018. However, today’s Bank of England (BOE) monetary policy meeting will be the key as it comprises the Quarterly Inflation Report (QIR) to mark the “Super Thursday”.

Read: Bank of England Preview: Green light to gains? Three ways the BOE can boost the pound

Against this backdrop, 152.23 guards the quote’s immediate upside ahead of challenging the April 23, 2018 peak surrounding 152.75 and April 2018 top near 153.85.

During the rise, the 153.00 round-figure can offer an intermediate halt whereas the 160.00 may lure the GBP/JPY afterward.

Meanwhile, a downside break below the immediate support line, at 151.84 now, will eye for 50-SMA re-test, currently around 151.33.

However, the quote’s further weakness needs to break an ascending trend line from February 26, presently near 151.23, before recalling the GBP/JPY sellers.

GBP/JPY four-hour chart

Trend: Bullish