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  • GBP/JPY has met hourly resistance at 147.99 (R2), posting a NY session high of 148.05, so far.
  • Hourly and daily RSI popped above 70 and hourly MACD is turning lower also.
  • ATR is 1.3408, and the daily range, so far, is between a low of 146.15 and 148.05,(or 1.9000), somewhat higher than the ATR and signifies an exhausted top-side move.  
  • However, the Chikou Span (Lagging Span) remains very distant from price,  (bullish) although the shorter-term Tenken line looks set to cross below the Kijun  (neutral/less bullish) at this juncture.  
  • A period of consolidation is likely before a further upside more to target the early Nov swing highs at 149.48 – (daily MACD also offers the potential for further upside).  
  • 147.09 would be a 50%  retrecament  of the move from the daily lows to recent swing highs where bulls might wish to enter longs for further upside potential. Conversely, a break of 147.00 would target the daily pivot at 146.34 and then S1 located at 145.63.  

GBP/JPY daily chart