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  • GBP/JPY is in a well-defined uptrend, supported by the 21-4hr SMA, with blue skies on soft   Brexit optimism.  
  • Bulls can take comfort from the  Lagging Span in the Ichimoku strategy well behind price and series of bullish closes on a daily basis that sees the Tenken-sen moving back away from the  Kijun-sen, bullishly aligned again.
  • However, RSI is in overbought conditions on a daily basis and 4hr MACD is troublesome, although hourly momentum indicators  are leaning bullish.  
  • Additional gains will target R1 at 148.45 ahead of 149.20 and 149.51 (R3) completing a full retracement to the Sep, Oct and Nov 2018 highs.  
  • On the flipside, 148 is the trending support line that guards S2 at 146.92 ahead of S3 at 146.34.  

GBP/JPY Daily Chart