GBP/JPY Price Analysis: Further upside hinges on 159.50 breakout

• GBP/JPY extends Friday’s recovery moves to attack short-term key resistances.
• One-week-old descending trend line precedes key SMAs to challenge bulls.
• Upbeat MACD signals, U-turn from monthly support line keeps buyers hopeful.

GBP/JPY remains firmer around 159.20 as it stretches the previous day’s rebound from a three-week low during early Monday. In doing so, the cross-currency pair also jostles with the short-term key hurdles to keep the reins.

That said, bullish MACD signals join the quote’s sustained bounce off an upward-sloping support line from early January, around 156.75 by the press tie, to keep the GBP/JPY buyers hopeful.