Technical Analysis

GBP/JPY rises to a high of 147.49 on the day


US equity futures are also staging a decent enough recovery on the day and that is underpinning other major currencies against the yen at the moment. Of note, GBP/JPY is looking to break above the 100-hour MA (red line) now after two failed previous attempts since Friday.

Hold a break above that and the near-term price bias turns undefined from being more bearish previously. There’s also further resistance nearby from the 200-hour MA (blue line) @ 147.57 and break above that and near-term price bias turns more bullish next.

Looking at the daily chart, the bounce off the lows seen on late Thursday coincided with support from the 100-day MA (red line) and the 61.8 retracement level. The next key level that buyers will now eye for will be the 200-day MA (blue line).

However, the key upside resistance remains that of the July high @ 149.32. Until price breaks above that, the upside move here will still be contained as we have seen so far in September and October trading.

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