GBP/JPY Technical Analysis: 147.66 is a strong support

Omkar Godbole FXStreet Contributor

GBP/JPY pair is currently trading at 148.27, having persistently defended 147.66 (23.6% Fib R of 143.72/148.78) over the second half of the last week.

4-hour chart

As seen above, the pair defended the key Fib level with long-tailed doji candles - a sign of dip demand. So far, however, the bounce has been shallow.

That said, a bearish reversal on the 4-hour chart would be confirmed if and when the pair finds acceptance under 147.66. That would expose the support at 144.73 - trendline connecting the Jan. 4 and Feb. 15 lows. Also note, that the rising trendline support would shift to 145.00 and above in the next few days.

Trend: Bearish below 147.66

1. R3 149.52
2. R2 148.96
3. R1 148.56
PP 148
1. S1 147.6
2. S2 147.04
3. S3 146.64

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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