GBP/JPY Technical Analysis: Bullish bias intact

• GBP/JPY has bounced off from ascending (bullish) 5-day moving average (MA).
• The pair is trading above 50-day MA and the daily chart shows a bullish crossover between the 5-day MA and 50-day MA.
• Further, the 50-hour, 100-hour and 200-hour MA are trending north, indicating the path of least resistance is on the higher side.
• Hence, despite the pullback from 147.79 (previous day’s high), the short-term outlook remains bullish.

Hourly chart

Spot Rate: 147.28

Daily High: 147.42

Daily Low: 146.80

Trend: Bullish

Resistance

R1: 147.79 (previous day’s high)

R2: 148.22 (100-day MA)

R3: 149.51 (200-day MA)

Support

S1: 146.91 (5-day MA)

S2: 146.65 (June 22 high)

S3: 146.28 (10-day MA)