- The GBP/JPY has charted a narrowing price range, also known as the pennant pattern, over the last seven days.
- A break above the pennant resistance, currently seen at 148.81, would signal a continuation of the rally from the Sept. 6 low of 142.61 and could yield a re-test of the recent high of 149.72.
- A pennant breakdown, if confirmed, would signal a bullish-to-bearish trend change and may yield a drop below 147.00.
Hourly Chart
Spot Rate: 148.55
Daily High: 148.60
Daily Low: 148.16
Trend: Neutral
R1: 148.81 (pennant hurdle)
R2: 149.10 (Sept. 26 high)
R3: 149.72 (Sept. 21 high)
Support
S1: 148.21 (200-day MA)
S2: 147.60 (previous day’s low)
S3: 146.95 (Sept. 24 low)