Home GBP/JPY Technical Analysis: bulls testing an ascending trend-line resistance

GBP/JPY Technical Analysis: bulls testing an ascending trend-line resistance

Updated: 1 Jun. 2018 | 13:28

“¢ Move beyond 100-period hourly SMA helped clear a horizontal resistance.
“¢ Up-move halts near 38.2% Fibonacci retracement level of 149.73-143.20 downfall.
“¢ A strong follow-through buying needed to confirm additional near-term gains.

GBP/JPY 1-hourly chart

Spot rate: 145.55
Trend: Bullish

Support 1: 145.31 (horizontal resistance break-point)
Support 2: 144.72 (100-period SMA H1)
Support 3: 144.12 (S1 daily pivot-point)

Resistance 1: 145.91 (200-period SMA H1)
Resistance 2: 146.19 (weekly tops)
Resistance 3: 146.50 (R3 daily pivot point)

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