Search ForexCrunch
  • GBP/JPY regained positive traction and moved back above the 143.00 mark.
  • The technical set-up support prospects for a further appreciating move.

The British pound attracted some buying interest since the early European session on Tuesday and lifted the GBP/JPY cross back above the 143.00 round-figure mark.

The cross has now reversed a major part of the previous session’s negative move and has now moved back closer to a two-month-old descending trend-line resistance.

Meanwhile, technical indicators on hourly/daily charts have again started moving into the positive territory and support prospects for an eventual bullish breakout.

However, it will be prudent to wait for a sustained break through a two-month-old descending trend-line before positioning for any further near-term appreciating move.

Above the mentioned barrier, the cross seems all set to aim towards reclaiming the 144.00 mark before eventually darting to yearly tops, around the 144.50-60 supply zone.

GBP/JPY daily chart