GBP/JPY Price Analysis: A break above 155.00 on the cards while above154.50

• GBP/JPY strongly bullish, testing recent highs, eyes 155.00.
• Immediate support now stands at 154.35, followed by 153.95.

The pound remains near the highest level in years versus the Japanese yen, as it hovers around 154.70. During the last hour, it lost strength amid a recovery of the yen across the board amid a deterioration in market sentiment.

The rally of GBP/JPY was capped by the 154.80 zone, the last defense to 155.00. The mentioned level is a key barrier and above more gains toward the 155.55/60 region seems likely.

On the flip side, the immediate support might be seen at 154.40 (previous resistance), followed by 153.95 (short-term uptrend). A break under 153.985 would alleviate the bullish pressure, suggesting a test of the support band at 153.45/50.

As long as the pound remains above 145.00/20 (long-term uptrend line) the outlook will remain positive. A monthly close above the long-term resistance area at 155.00 would point to more gains over the medium-term.

GBP/JPY 4-hour chart