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  • The GBP/JPY pairing is challenging a four-month high at the 150.00 major handle, and a continued bull-run will see the Guppy on pace to break through April’s highs as well, though a bearish correction could be likely in the current zone, having already been rejected from the 149.00 – 150.00 zone twice before.
  • Support for the current bullish play is stacked in at the 50- and 200-hour EMAs, sitting at 148.18 and 146.70 respectively, while the familiar s/r level at 145.50 will be putting in a floor underneath any medium-term selloffs.
  • Technical indicators on the 4-hour  and Daily candles have the slow stochastics and RSI reaching firmly into overbought territory, warning against establishing long positions at these levels.  

GBP/JPY Chart, 4-Hour

Spot rate 149.28
Relative change(current week) +1.97%
Weekly high 149.31
Weekly low 146.32
   
Trend Bullish
   
Support 1 148.18 (50-hour EMA)
Support 2 146.70 (100-hour EMA)
Support 3 145.50 (previous resistance level)
   
Resistance 1 149.31 (May 18th swing high)
Resistance 2 150.00 (major technical handle)
Resistance 3 152.72 (April 26th swing high