GBP/JPY Technical Analysis: Rally from the May 29 low of 143.19 may have resumed

• The upside break of the falling channel seen in the hourly chart indicates a resumption of the rally from the Mat 29 low of 143.19.
• The 14-hour relative strength index has turned bullish (above 50.00).
• The could revisit 147.44 (Thursday’s high) and an hourly close below 146.89 would invalidate the bullish pattern.  

Hourly chart

Spot Rate: 147.05

Daily High: 147.20

Daily Low: 146.52

Trend: Bullish

Resistance

R1: 147.17 (5-day moving average)

R2: 147.95 (falling trendline drawn from the April 18 high and April 26 high)

R3: 148.11 (June 7 high)

Support

S1: 146.79 (4H 100MA)

S2: 146.23 (4H 50MA)

S3: 145.27 (May 25 low)