GBP/JPY Price Analysis: Bulls have an upper hand above 139.50

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GBP/JPY keeps bounces off short-term horizontal support, 100-bar SMA.
MACD flirts with bulls as the quote keeps Wednesday’s gains.
A Three-week-old ascending trend line lures the bulls.

GBP/JPY prints mild gains above 140.00, currently around 140.25, during Thursday’s Asian session. In doing so, the pair retains the early week’s recovery moves from late-December lows and 100-bar SMA.

Considering the MACD signals also flirting with the bulls, coupled with the quote’s ability to stay beyond the key short-term support, GBP/JPY is likely to remain on the bull’s radar.

That said, the recent high around 140.55 and the 140.00 threshold seem to lure the short-term buyers ahead of Monday’s peak surrounding 141.30.

During the GBP/JPY run-up beyond 141.30, an ascending trend line from December 22, currently around 141.55, will be in the spotlight.

Meanwhile, 100-bar SMA and stated horizontal area from December 28, respectively near 139.70 and 139.50, can limit pullback moves of GBP/JPY.

Though, any clear downside below 139.50 can make the pair vulnerable enough to revisit the December 22 low of 138.00 before eyeing the previous month’s bottom close to 136.80.