GBP/JPY Technical Analysis: Guppy trading above 147.00 ahead of UK Average Earnings on Tuesday

• Although the bulls lifted the pair earlier on Monday, bears were quick to erase gains. Bulls will need to overcome the 200-period simple moving average (4-hour) at 147.79 and the 148.00 level to claim higher prices.  
• GBP/JPY will also need to overcome the descending trendline from April 17 in order to extend the bull trend. However, a failure to break above 147.79-148.00 area can lead to a rotation back towards 146.09 May 6 swing low.
• UK Average Earnings are released on Tuesday at 8:30 GMT and much volatility can be expected.

GBP/JPY 15-minute chart

 
Spot rate:                   147.21
Relative change:        0.01%      
High:                          147.27
Low:                          147.17

Trend:                         Neutral

Support 1:                 146.57, 100-period SMA (4h)              
Support 2:                 146.09 May 6 swing low                            
Support 3:                 145.30 demand level

Resistance 1:            147.79-148.00 area, 200-period SMA (4h) and figure
Resistance 2:            149.00-149.17 area, figure and daily 50-period SMA  
Resistance 3:            149.71- 150.00 area, daily 200-period SMA and figure