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Trading news
1 Jun 2018
GBP/JPY Technical Analysis: bulls testing an ascending trend-line resistance
• Move beyond 100-period hourly SMA helped clear a horizontal resistance.
• Up-move halts near 38.2% Fibonacci retracement level of 149.73-143.20 downfall.
• A strong follow-through buying needed to confirm additional near-term gains.
GBP/JPY 1-hourly chart
Spot rate: 145.55
Trend: Bullish
Support 1: 145.31 (horizontal resistance break-point)
Support 2: 144.72 (100-period SMA H1)
Support 3: 144.12 (S1 daily pivot-point)
Resistance 1: 145.91 (200-period SMA H1)
Resistance 2: 146.19 (weekly tops)
Resistance 3: 146.50 (R3 daily pivot point)