“¢ The cross built on this week’s recovery move from support marked by the lower end of over one-week-old descending trend-channel and traded with a positive bias for the second consecutive session.
“¢ The intraday uptick has now lifted the cross back above 100-hour SMA, with traders now awaiting a sustained move beyond the trend-channel resistance for confirmation of a near-term bullish breakout.
“¢ Oscillators on hourly charts have just started gaining traction and also recovered from the negative territory on the daily chart, supporting prospects for an eventual break through the mentioned barrier.
“¢ On a sustained move beyond the said hurdle, the cross is likely to aim towards surpassing the 146.00 round figure mark and aim towards testing its next major resistance near the 146.70-75 supply zone.
GBP/JPY 1-hourly chart
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