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  • The Guppy is free-spinning around the 200-day MA near 148.50 after a bull-run from September’s lows off of the 143.00 handle, and a near-term declining trendline off of intraday highs is suggesting another push below the critical indicator level before renewed confidence in the GBP can  push the GBP/JPY back towards the 150.00 key barrier.
  • Despite a minor setback this week, the Guppy remains in an overall bullish stance, and as long as Brexit headlines manage to keep the ship from keeling over, buyers should manage to find another foothold for another push higher off of the 200-hour SMA).

GBP/JPY Chart, 1-Hour

Spot rate 148.30
Week change 0.88%
Previous week high 149.71
Previous week low 146.31
   
Support 1 147.93 (200-hour SMA)
Support 2 146.52 (21-day EMA)
Support 3 145.65 (50-day EMA)
   
Resistance 1 149.09 (previous day high)
Resistance 2 149.71 (previous week high)
Resistance 3 150.00 (major technical level)