Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

The GBP/JPY pair surged powerfully, achieving the first expected target at 154.60 and is now volatile around it. Confirming a breach to that level supports the continuation of the uptrend toward our next target at 156.75. In general, we continue to favor the uptrend over intraday and short-term bases but it could be preceeded by a slight and temporary bearish bias, influenced by the negativity of momentum indicators.

Support: 153.90, 153.00, 152.30, 151.95, 151.10
Resistance: 154.60, 155.00, 155.45, 156.00, 156.70

Recommendation Based on the analysis above, we recommend buying the pair above 153.00, targeting 154.60 and 155.45 and stop-loss with 4-hour closing below 151.95.