GBP/JPY Price Analysis: Pound rises back above 154.00, momentum still bearish

• GBP/JPY finds support again around 153.50.
• Price continues to consolidate between 154.40 and 153.50, with bearish momentum.

The decline of GBP/JPY from the highest level in years near 155.00, found support at the 153.50 zone. The area was confirmed as a strong support and also the lower limit of the current consolidation range.

With the price under 154.40/50, the bias and the chart will favor the downside. That area contains a horizontal resistance, the upper limit of the mentioned range, and also the 21 simple moving average in the four hours chart. A break higher would strengthen the outlook for the pound.

The main trend remains bullish but the current correction could extend to a short-term trend line at 153.30. If broken, more losses seem likely, targeting 152.80. The next support stands at 152.20/30.

GBP/JPY 4-hour chart