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   “¢   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

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