GBP/JPY Price Analysis: Bulls attack weekly triangle resistance above 153.50

• GBP/JPY picks up bids inside a short-term symmetrical triangle, bulls seek entry.
• Further gains envisioned on steady RSI, 200-SMA, three-week-old falling trend line add to the upside filters.

GBP/JPY gains upside momentum, mildly bid around 153.70, amid the initial Asia session on Tuesday. In doing so, the cross-currency pair funnels down the bullish break of a short-term symmetrical triangle amid a slightly upbeat RSI line.

Given the immediate absence of drawbacks for the GBP/JPY buyers, the pair can cross the nearby hurdle surrounding 153.75, suggesting a swift upside move to the 154.00 threshold.

However, 200-SMA level near 154.40 and a downward sloping trend line from June 15 close to 154.80 could test the run-up afterward.

Meanwhile, pullback moves could retest the triangle’s support near 153.40 but any further downside won’t hesitate in breaking the 153.00 round figure.

It’s worth noting that June-end lows near 152.65 and 152.40 levels can offer intermediate halts during the GBP/JPY south-run targeting the previous month’s low surrounding 151.30.

Overall, GBP/JPY is up for a fresh rise but bulls will have a bumpy road to the north.

GBP/JPY: Four-hour chart

Trend: Further upside expected