GBP/JPY Technical Analysis: Bulls in control at 19-day high

• GBP/JPY clocked a 19-day high of 143.41 in Asia on improving risk appetite.
• The stacking order of the 50-hour moving average (MA), below the 100-hour MA, below the 200-hour MA indicates the path of least resistance is to the upside.
• The 5-day MA and 10-day MA are also trending north in favor of the bulls.
• The pair looks set to test 143.72 (trendine sloping downwards from the July 16 high and Aug. 1 high), although a minor pullback could precede a rally to 143.72 as the hourly RSI is flashing overbought conditions.

Hourly chart

Spot Rate: 143.33

Daily High: 143.41

Daily Low: 143.07

Trend: Bullish

Resistance

R1: 143.49 (38.2% Fib R of 149.31/139.90)

R2: 143.72 (trendline hurdle)

R3: 144.00 (psychological level)

Support

S1: 142.91 (5-day moving average)

S2: 142.53 (previous day’s low)

S3: 141.91 (ascending 200-hour moving average)