After a steady uptrend, the British Pound traded faced a solid resistance near the 149.00 level against the Japanese Yen. The GBP/JPY pair failed to hold gains and recently corrected below the 148.20 support level.
The pair even spiked below the 148.00 support and settled below the 50 hourly simple moving average. A low was formed at 147.01 on FXOpen UK and the pair corrected higher. It recently moved above 147.50 and the 50% Fib retracement level of the last decline from the 148.38 high to 147.01 low.
However, there are many hurdles for buyers on the upside near 148.00, the 50 hourly SMA, and a bearish trend line on the hourly chart.
Therefore, if the pair continues to correct higher, it could face a strong resistance near 147.80-148.00. On the downside, an immediate support is at 147.20, below which the pair could retest 147.00.
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