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   “¢   The cross reversed an early dip to sub-147.00 level and is now looking to build on its recent recovery move further beyond the very important 200-day SMA.  

   “¢   Mixed technical indicators on the daily chart are yet to catch up with last week’s strong rebound from over seven-week lows and seemed to be only factor capping gains.

   “¢   Hence, it would be prudent to wait for a strong follow-through buying beyond the mentioned barrier before positioning for any further near-term appreciating move.

   “¢   A convincing breakthrough is likely to prompt some aggressive short-covering move and lift the cross further beyond the 149.00 handle, towards Sept./Oct. swing highs.
 

GBP/JPY daily chart

GBP/JPY

Overview:
       Last Price:  147.32
       Daily change:  58  pips
       Daily change:  0.395%
       Daily Open:  146.74
Trends:
       Daily SMA20:  146.33
       Daily SMA50:  146.29
       Daily SMA100:  145.67
       Daily SMA200:  147.54
Levels:
       Daily High:  147.26
       Daily Low:  146.29
       Weekly High:  147.26
       Weekly Low:  143.22
       Monthly High:  149.52
       Monthly Low:  142.78
       Daily Fibonacci 38.2%:  146.89
       Daily Fibonacci 61.8%:  146.66
       Daily Pivot Point S1:  146.26
       Daily Pivot Point S2:  145.79
       Daily Pivot Point S3:  145.29
       Daily Pivot Point R1:  147.24
       Daily Pivot Point R2:  147.74
       Daily Pivot Point R3:  148.21