The GBPJPY pair, currently trading at 184.578, has continued to rise after a previous rebound from monthly support. It has now surpassed a resistance line that has been intact for one week. Recently, it has been moving higher, and according to the perspective of @nehcap, further upside is anticipated.

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• GBP/JPY stretches previous rebound from monthly support to cross one-week-old resistance line, edges higher of late.

The pair currently trades last at 184.578.

The previous day high was 184.41 while the previous day low was 183.36. The daily 38.2% Fib levels comes at 184.01, expected to provide support. Similarly, the daily 61.8% fib level is at 183.76, expected to provide support.

GBP/JPY remains on the front foot for the second consecutive day, refreshing intraday high near 184.70 amid early Monday morning in Europe. In doing so, the cross-currency pair extends the previous day’s rebound from the horizontal support comprising multiple levels marked since early August amid mixed concerns about the Bank of England (BoE) and the Bank of Japan (BoJ).

Although BoE Deputy Governor Ben Broadbent cited the need for higher rates due to the wage pressure at the Jackson Hole Symposium, his economic outlook seems to challenge the hawks and the British Pound (GBP) optimists.

Also read: BoE’s Broadbent cites knock-on effects of the surge in prices to signal higher rates “for some time yet”

On the other hand, BoJ Governor Governor Kazuo Ueda cited a bit below target Japan inflation to defend the currently ultra-easy monetary policy.

Also read: BoJ’s Ueda highlights “a bit below” inflation to defend current monetary easing framework

Additionally, bullish MACD signals and the upward-sloping RSI (14), not overbought, also underpin the upside bias about the GBP/JPY pair.

With this, the cross-currency pair appears well-set to prod the 50-SMA hurdle of around 185.15. That said, the 185.00 round figure restricts the immediate upside of the GBP/JPY pair.

In a case where the GBP/JPY remains firmer past 185.15, the yearly high marked in August at around 186.80 will be in the spotlight.

On the contrary, a downside break of the previous resistance line stretched from August 22, close to 183.90 by the press time, can drag the GBP/JPY prices toward the aforementioned horizontal support near 183.30.

Following that, the 200-SMA level of 182.70 acts as the final defense of the pair buyers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 184.62 at the time of writing. Pair opened at 184.23 and is trading with a change of 0.21% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 183.83, 50 SMA 182.66, 100 SMA @ 176.84 and 200 SMA @ 169.56.

The previous day high was 184.41 while the previous day low was 183.36. The daily 38.2% Fib levels comes at 184.01, expected to provide support. Similarly, the daily 61.8% fib level is at 183.76, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 183.59, 182.95, 182.54
• Pivot resistance is noted at 184.64, 185.05, 185.69

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