GBP/JPY Technical Analysis: Aiming for a bull pennant breakout
|- GBP/JPY has charted a pennant pattern on the 15-minute chart and is currently attempting an upside break.
- The top end of the pennant is located at 146.73 and the lower end is seen at 146.55.
- A break above 146.73 would signal a continuation of the rally from the previous day's low of 145.37 and open the doors to a sustained move above 147.00.
15-min chart
Spot Rate: 146.70
Daily High: 146.85
Daily Low: 146.52
Trend: Bullish continuation above 146.73
R1: 146.89 (20-day moving average)
R2: 147.29 (50% Fibonacci retracement of the recent drop from the July 16 highs)
R3: 147.76 (61.8 Fibonacci retracement of the recent drop from the July 16 highs)
Support
S1: 146.55 (lower end of the pennant)
S2: 146.14 (10-day moving average)
S3: 145.26 (July 30 low)
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.