GBP/JPY Technical Analysis: Bullish bias intact
|- GBP/JPY has bounced off from ascending (bullish) 5-day moving average (MA).
- The pair is trading above 50-day MA and the daily chart shows a bullish crossover between the 5-day MA and 50-day MA.
- Further, the 50-hour, 100-hour and 200-hour MA are trending north, indicating the path of least resistance is on the higher side.
- Hence, despite the pullback from 147.79 (previous day's high), the short-term outlook remains bullish.
Hourly chart
Spot Rate: 147.28
Daily High: 147.42
Daily Low: 146.80
Trend: Bullish
R1: 147.79 (previous day's high)
R2: 148.22 (100-day MA)
R3: 149.51 (200-day MA)
Support
S1: 146.91 (5-day MA)
S2: 146.65 (June 22 high)
S3: 146.28 (10-day MA)
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