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  • The GBP/JPY’s hourly chart is showing a falling channel breakout –   a bullish development, which indicates that the risks are now skewed to the upside.
  • The 50-hour exponential moving average (EMA) has bottomed out and is beginning to rise in favor of the bulls.
  • Acceptance above 100-hour EMA of 144.36 would bolster the already bullish setup and could yield a rally to 145.00.
  • On the downside, a break below 143.61 (previous day’s low) would invalidate the bullish breakout.

Hourly Chart

Trend: bullish

GBP/JPY

Overview:
       Last Price:  144.19
       Daily change:  43  pips
       Daily change:  0.299%
       Daily Open:  143.76
Trends:
       Daily SMA20:  146.92
       Daily SMA50:  146.07
       Daily SMA100:  145.75
       Daily SMA200:  147.73
Levels:
       Daily High:  144.42
       Daily Low:  143.34
       Weekly High:  147.59
       Weekly Low:  142.78
       Monthly High:  149.72
       Monthly Low:  142.6
       Daily Fibonacci 38.2%:  144.01
       Daily Fibonacci 61.8%:  143.75
       Daily Pivot Point S1:  143.26
       Daily Pivot Point S2:  142.77
       Daily Pivot Point S3:  142.19
       Daily Pivot Point R1:  144.33
       Daily Pivot Point R2:  144.91
       Daily Pivot Point R3:  145.41