GBP/JPY Technical Analysis: Aiming for a bull pennant breakout

• GBP/JPY has charted a pennant pattern on the 15-minute chart and is currently attempting an upside break.
• The top end of the pennant is located at 146.73 and the lower end is seen at 146.55.
• A break above 146.73 would signal a continuation of the rally from the previous day’s low of 145.37 and open the doors to a sustained move above 147.00.

15-min chart

Spot Rate: 146.70

Daily High: 146.85

Daily Low: 146.52

Trend: Bullish continuation above 146.73

Resistance

R1: 146.89 (20-day moving average)

R2: 147.29 (50% Fibonacci retracement of the recent drop from the July 16 highs)

R3: 147.76 (61.8 Fibonacci retracement of the recent drop from the July 16 highs)

Support

S1: 146.55 (lower end of the pennant)

S2: 146.14 (10-day moving average)

S3: 145.26 (July 30 low)