- 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 |
Share
