The GBP/JPY pair gained traction above 142.40 and 50 hourly SMA
|The British Pound traded higher recently and traded above the 142.00 resistance against the Japanese Yen. The GBP/JPY pair gained traction above the 142.40 resistance and the 50 hourly simple moving average.
A high was formed near 143.02 on FXOpen and later the pair started a downside correction. It traded below an ascending channel with support at 142.88 on the hourly chart. An immediate support is 142.50 and the 23.6% Fib retracement level of the last wave from the 141.00 low to 143.02 high.
However, the main support is near the 142.30 and the 50 hourly simple moving average. As long as the pair is above the 142.30 level, it could bounce back towards 143.00.
On the upside, a break above the 143.00 resistance could trigger more gains towards the 143.40 and 143.50 resistance levels in the coming sessions.
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