“¢ The cross built on this week’s goodish rebound from seven-week lows, and previous session’s strong upsurge, is now looking to extend the momentum beyond the 147.00 handle.
“¢ Against the backdrop of the latest Brexit optimism, the prevalent risk-on mood, which tends to weigh on the JPY’s safe-haven status, remained supportive of the positive momentum.
“¢ Bullish traders seemed to aim for a test of the very important 200-day SMA resistance, coinciding with 23.6% Fibonacci retracement level of the 139.90-149.72 Aug-Sept upsurge.
“¢ Technical indicators on hourly charts have started pointing to slightly overbought conditions but are yet to catch up with the bullish momentum on the daily chart.
“¢ The set-up suggests that any further up-move is more likely to pause near the mentioned confluence hurdle, which if cleared will negate any near-term bearish bias and trigger another squeeze.
GBP/JPY daily chart
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GBP/JPY
Overview:
Last Price: 147.17
Daily change: 52 pips
Daily change: 0.355%
Daily Open: 146.65
Trends:
Daily SMA20: 146.45
Daily SMA50: 146.21
Daily SMA100: 145.68
Daily SMA200: 147.58
Levels:
Daily High: 146.9
Daily Low: 143.98
Weekly High: 147.59
Weekly Low: 142.78
Monthly High: 149.52
Monthly Low: 142.78
Daily Fibonacci 38.2%: 145.78
Daily Fibonacci 61.8%: 145.09
Daily Pivot Point S1: 144.79
Daily Pivot Point S2: 142.93
Daily Pivot Point S3: 141.88
Daily Pivot Point R1: 147.7
Daily Pivot Point R2: 148.75
Daily Pivot Point R3: 150.61
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