GBP/JPY Technical Analysis: Guppy breaking above 148.00

  • Sterling back on the rise against the Japanese Yen as market tensions see bullish traders looking to step back into markets after this week's tariff announcements.
  • The Guppy is continuing to push off from the last technical low set three weeks ago, but stiff resistance waits close by, and bulls will have to push past June's highs to keep the bull trend on track.
  • The pair broke the descending trendline last week, giving impetus for traders to add to long positions.

GBP/JPY Chart, 15-Minute

Spot rate:  148.00
Relative change:  0.13%
High:  148.09
Low:  147.76
   
Trend:  Bullish
   
Support 1:  147.76 (current day low)
Support 2:  146.45 (38.2% Fibo retracement level)
Support 3:  145.42 (61.8% Fibo retracement level)
   
Resistance 1:  148.12 (current week high)
Resistance 2:  148.68 (100.0% Fibo expansion level)
Resistance 3:  149.71 (June 22nd swing high)