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  • Sterling in a bullish triangle against the Yen as higher lows squeeze the pair against current key resistance.
  • Hourly indicators are middling as the pair loses directional momentum.
  • Traders will want to wait for a confirmation following a break to either side of the triangle.

GBP/JPY Chart, 1-Hour

Spot rate:   146.17
Relative change:   0.14%
High:   146.21
Low:   145.82
   
Trend:   Bearish to flat
   
Support 1:   145.56 (previous day low)
Support 2:   145.18 (current week low)
Support 3:   143.77 (previous week low; technical bottom)
   
Resistance 1:   146.48 (current week high)
Resistance 2:   148.11 (June high)
Resistance 3:   150.00 (May high; key level)