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  • GBP/JPY is currently chipping away the descending 50-hour moving average (HMA) hurdle of 145.51, having witnessed a bearish (falling) channel breakout earlier today.
  • The relative strength index (RSI) on the hourly chart has moved to bullish territory above 50.
  • The pair, therefore, could rise above the 50-hour MA hurdle, although any gains towards 145.89 (200-hour MA + 38.2% Fib R of 147.00/145.24) could be short-lived as long as the 50-hour MA is trending south.  
  • The prospects of corrective bounce above the 50-hour MA would weaken if the average reverses bounce from 145.24.

Hourly Chart

 

Trend: “‹”‹”‹”‹”‹”‹Bullish above 50-HMA