GBP/JPY Price Analysis: More consolidation on the cards

• GBP/JPY to keep moving sideways while above 153.70.
• Consolidation range between 154.40 and 153.50 prevails, with mixed signals.

The GBP/JPY continues to move sideways between 153.70 and 154.40, within the bigger range of 153.50/155.00. A break above 154.50 should strengthen the pound, clearing the way for a test of 155.00.

Technical indicators offer mixed signs. With the bearish correction from multi-year highs being limited, the negative momentum is vanishing. At the same time, the upside continues to be limited and not supported at the moment, by short-term indicators.

Price is moving around the 21-SMA in the four hours chart. The odds of false breakouts warrant precaution for the sessions ahead. A firm break of 153.70 would expose the critical support at 153.50, that if broken should point to more losses.

On a more general perspective, while above 145.20/50 (long-term uptrend line) the outlook will remain positive of the pound.

GBP/JPY 4-hour chart