• GBP/JPY snaps five-day downtrend, bounces off two-month low.
• Bullish candlestick, MACD signals favor buyers to cross short-term hurdle.
• 100-SMA, fortnight-long resistance line challenge further upside, sellers will return below 151.00.

GBP/JPY extends rebound from October lows, tested the previous day, while picking up the bids to 151.35 during early European morning on Wednesday.

The cross-currency pair cheers a bullish candlestick formation at the multi-day low to consolidate the heaviest monthly fall since September 2020. Adding to the bullish bias is the quote’s latest upside break of a weekly falling trend line and upbeat MACD conditions.

That said, GBP/JPY buyers currently aim for multiple hurdles around 151.80 before challenging the 152.00 threshold.

However, the pair’s further advances will be challenged by 100-SMA and a descending trend line from November 17, respectively around 153.00 and 153.65.

Alternatively, the resistance-turned-support line around 151.10 precedes the 151.00 round figure to restrict short-term GBP/JPY declines.

Adding to the downside filters is the 150.45 level and the 150.00 psychological magnet before the quote challenges October’s trough near 149.25.

GBP/JPY: Four-hour chart

Trend: Further recovery expected