GBP/JPY Price Analysis: Previous support stops buyers from regaining 157.00

• GBP/JPY pares intraday losses after early Asian pullback probed two-day uptrend.
• Sustained trading above the key moving averages, firmer Momentum line keeps buyers hopeful.

GBP/JPY braces for a three-day uptrend, battles support-turned-resistance around 156.90 by the press time of Thursday’s Asian session.

Given the quote’s successful trading above 50-SMA and 100-SMA, respectively around 156.50 and 155.75, GBP/JPY prices are likely to remain firmer. Also favoring the pair buyers is the recently upbeat Momentum line.

That said, the previous support line from January 24, close to 157.05, holds the key to the pair’s further upside towards the monthly high near 158.05.

Meanwhile, a downside break of the 100-SMA level near 155.75 will be crucial for GBP/JPY bears as it will direct them to the recent swing low around 155.30.

Following that, the 155.00 threshold and the monthly low of 154.50 should lure the pair sellers.

Overall, GBP/JPY remains in an upward trajectory towards refreshing the monthly top.

GBP/JPY: Four-hour chart

Trend: Further upside expected