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  • GBP/JPY main trend has essentially been sideways in 2018.  
  • GBP/JPY is trading above its 50, 100 and 200-period simple moving averages as the bulls are attempting to break above 147.15 (August 1 swing high). The next objectives to the upside are 148.00 figure and 149.32 July 16 swing high.  
  • However, a  failed breakout above 147.15 can lead to a retest of 146.30 and 145.00 figure.  

GBP/JPY 4-hour chart  

Spot rate:              147.14
Relative change:   0.46%  
High:                    147.46
Low:                     146.31

Main trend:                    Sideways
Short-term trend:           Bullish

Resistance 1:   147.15 August 1 swing high
Resistance 2:   148.00 figure
Resistance 3:   149.32 July 16 swing high

Support 1:  146.30 September 14 low
Support 2:  145.00 figure
Support 3:  143.77 June 28 swing low

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