17 Sep 2018
GBP/JPY Technical Analysis: Upside looks capped at 147
- The GBP/JPY is twisting near recent peaks, set for a bearish correction after pushing higher last week.
- With trade fears ramping up, continued flights into safe havens like the Japanese Yen can be expected.
- The Guppy is primed for a technical rejection from the 200-day EMA, which has held prices under wraps since May of this year.
GBP/JPY Chart, 1-Hour
| Spot rate | 146.35 |
| Relative change | Negligible |
| High | 146.50 |
| Low | 146.35 |
| Trend | Overbought |
| Support 1 | 146.21 (50-hour EMA) |
| Support 2 | 144.29 (61.8% Fibo retracement level) |
| Support 3 | 143.07 (previous week low) |
| Resistance 1 | 146.71 (200-day EMA) |
| Resistance 2 | 147.00 (major technical level; previous week high) |
| Resistance 3 | 147.15 (September high) |