GBP/JPY Technical Analysis: post-BoE upsurge pauses near a confluence resistance
|• The post-BoE upsurge pauses near a confluence resistance comprising of 200-hour SMA and 50% Fibonacci retracement level of the 147.85-144.39 recent downfall.
• Short-term technical indicators have gradually started moving into positive territory and increase prospects for a follow-through bullish momentum.
• On a sustained weakness back below a confluence support marked by 38.2% Fibonacci retracement level and 100-hour SMA would negate the near-term bullish outlook.
Current Price: 146.08
Daily Low: 144.59
Daily High: 146.22
Trend: Bullish
Resistance
R1: 146.45-50 (61.8% Fibo. level)
R2: 146.86 (R3 daily pivot-point)
R3: 147.00 (round figure mark and weekly high)
Support
S1: 145.70-65 (100-period SMA H1 & 38.2% Fibo. level)
S2: 145.20 (daily pivot-point)
S3: 144.59 (current/previous day swing low)
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