GBP/JPY technical analysis: the pair declined below 146.60, but is currently moving higher

There was a steady rise in the British Pound above the 145.50 resistance against the Japanese Yen. The GBP/JPY pair even broke the 145.80 and 146.00 resistance levels to move into a positive zone.

The pair rallied towards the 147.00 level and settled above the 50 hourly simple moving average. However, it struggled to break the 147.00 resistance and recently declined below 146.60 on FXOpen UK.

GBPJPY

The pair found support near the 146.40 level and it is currently moving higher. There is a major resistance formed near 146.65 and a bearish trend line on the hourly chart. A break above the trend line could push the pair towards the 147.00 resistance.

Conversely, a break below the 50 hourly SMA could trigger a downside push below the 146.40 and 146.20 support levels. In the mentioned case, the price may even revisit the 145.80 support.

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