- GBP/JPY failed to break above the 146.36 supply level earlier in Asia and then lost about 130 pips from its daily highs. GBP/JPY is now correcting the move lower and is testing the 146.65 swing high and the 50-period simple moving average.
- If GBP/JPY stays capped by 146.65 then a move towards 145.20 can be on the cards. It is the June 25 intraday swing low and also the current low of the day. The next scaling point is seen near the 144.59 June 21 low.
- A breach to the upside of 146.65 can lead to a move towards 146.00 figure and 146.38 supply level.
GBP/JPY 15-minute chart
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Spot rate: 145.53
Relative change: 0.52%
High: 146.49
Low: 145.19
Trend: Bearish
Resistance 1: 146.00 figure
Resistance 2: 146.65 swing high
Resistance 3: 147.15 supply level
Resistance 4: 148.10 June’s high
Support 1: 146.38 supply level
Support 2: 145.20 June 25 intraday swing low
Support 3: 144.59 June 21 low
Support 4: 143.20 current 2018 low
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