GBP/JPY technical analysis: the pair corrected higher with strong resistance near 147.80-148.00
|After a steady uptrend, the British Pound traded faced a solid resistance near the 149.00 level against the Japanese Yen. The GBP/JPY pair failed to hold gains and recently corrected below the 148.20 support level.
The pair even spiked below the 148.00 support and settled below the 50 hourly simple moving average. A low was formed at 147.01 on FXOpen UK and the pair corrected higher. It recently moved above 147.50 and the 50% Fib retracement level of the last decline from the 148.38 high to 147.01 low.
However, there are many hurdles for buyers on the upside near 148.00, the 50 hourly SMA, and a bearish trend line on the hourly chart.
Therefore, if the pair continues to correct higher, it could face a strong resistance near 147.80-148.00. On the downside, an immediate support is at 147.20, below which the pair could retest 147.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.