GBP/JPY Price Analysis: looking for a push to reclaim 186.00
|- The GBP/JPY is seeing some pullback after failing to capture the 186.00 price level.
- The Pound Sterling remains incredibly well-bid against the Yen, up nearly 2.5% in six trading days.
- Bullish runs fueled by Yen weakness are sending the Guppy into ten-week highs.
The GBP/JPY is seeing a mild relief pullback towards the 185.00 price level after last week's runup in the pair sent the Guppy just shy of the 186.00 handle.
Monday's pullback sees the pair testing back towards the 50-hour Simple Moving Average (SMA) currently rising into 184.60. Intraday price action is getting snarled on the 21-hour Exponential Moving Average (EMA), and the near-term drop is set for a challenge of support from last Friday's late test into 185.00.
Daily candlesticks see the GBP/JPY continuing a top side break of a sideways pennant flag, and extension will see technical resistance challenges from August's late swing into chart territory just south of the 187.00 handle.
GBP/JPY Hourly Chart
GBP/JPY Daily Chart
GBP/JPY Technical Levels
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