GBP/JPY Price Analysis: Rally falters above 152.00

• GBP/JPY keeps bullish bias intact, hits multi-year highs at 152.54.
• The pound is pulling back to the 152.00 area, momentum eases.

The GBP/JPY printed a fresh multi-year high at 152.54 on Thursday and then pulled back to 151.70. The bullish tone remains intact, but the pound continues to show difficulties running above 152.00.

The area around 151.60/70 is again a critical support that contains the 21-period moving average in the four hours chart. A break lower would expose an uptrend line that stands at 151.50. If the mentioned line is broke, a more significant bearish correction seems likely, targeting 151.00.

On a wider perspective, GBP/JPY holds a bullish tone. No significant signs of a correction are seen at the moment, but it could take place any time, considering the pound is about to post the tenth weekly gain in a row. A confirmation clearly above 152.00 would open the door to fresh highs.

GBP/JPY 4-hour chart