GBP/JPY Technical Analysis: Guppy bulls breakout close to 146.50 level

• GBP/JPY gained about 170 pips this Friday as it almost reached the 146.50 level.  
• GBP/JPY main trend is bearish. However, a bull breakout above 146.65 swing high can lead to a bull trend reversal.
• On the flip side, failure to break above 146.65 can lead to a reversal down and resumption of the bear trend.  

GBP/JPY 15-minute chart

Spot rate:                  146.15
Relative change:        1.14%    
High:                         146.33
Low:                          144.34

Trend:                        Bullish correction

Resistance 1: 146.38 supply level
Resistance 2: 146.65 swing high
Resistance 3: 147.15 supply level
Resistance 4: 148.10 June’s high

Support 1: 145.20 Monday intraday swing low
Support 2: 144.59 June 21 low
Support 3: 143.20 current 2018 low