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   “¢   The cross has been oscillating within a broader trading range over the past 3-1/2 weeks or so, with 200-day SMA acting as an important pivot point.

   “¢   The range-play now seems to constitute towards the formation of a rectangular chart pattern, indicating a pause before the next leg of a sharp move in either direction.

   “¢   Technical indicators (RSI & MACD) on hourly/daily charts are holding well above their mid-points and thus, increase prospects for a bullish breakthrough the mentioned range.
 

GBP/JPY daily chart

GBP/JPY

Overview:
       Last Price:  148.98
       Daily change:  52  pips
       Daily change:  0.350%
       Daily Open:  148.46
Trends:
       Daily SMA20:  147.87
       Daily SMA50:  145.06
       Daily SMA100:  145.73
       Daily SMA200:  148.16
Levels:
       Daily High:  148.76
       Daily Low:  147.35
       Weekly High:  149.43
       Weekly Low:  147.2
       Monthly High:  149.72
       Monthly Low:  143.07
       Daily Fibonacci 38.2%:  148.22
       Daily Fibonacci 61.8%:  147.89
       Daily Pivot Point S1:  147.62
       Daily Pivot Point S2:  146.78
       Daily Pivot Point S3:  146.22
       Daily Pivot Point R1:  149.03
       Daily Pivot Point R2:  149.6
       Daily Pivot Point R3:  150.44