GBP/JPY - Will buyers have enough force to take out 156.80 resistance?

FXstreet.com (Barcelona) - The GBP/JPY finished the down 76 pips at 155.28, but is still within the trading range between 156.80 and 154.90 it has been forming over the past eight trading sessions.

From a technical perspective, the pair continues to exhibit bullish developments on the daily chart which thus far appear to be helping keep declines limited. Short term moving averages remain in neutral set up, with price consolidating between the 9 and 20 dma’s, while the RSI (14) remains in bullish set up and is consolidating above 60. Furthermore, it appears a ‘positive RSI reversal’ has developed (using data on close from 5/7 and 5/21) which has targets of 158.58 (signal is negated on a close below 153.91).

The FXStreet.com Trend Index remains i slightly bullish set up on the daily chart, while the ob/os index reads neutral. Initial support sits at 154.90 (bottom of recent range), followed by 154.21 (the 20dma). First resistance sits at 156.80 (top of recent range). On a final note, the pair is still under the bullish influence of a ‘pennant’ continuation pattern which was confirmed on May 3rd and has longer term measured move targets of 160.75