GBP/JPY Technical Analysis: Aiming for a bull pennant breakout

GBP/JPY has charted a pennant pattern on the 15-minute chart and is currently attempting an upside break.
The top end of the pennant is located at 146.73 and the lower end is seen at 146.55.
A break above 146.73 would signal a continuation of the rally from the previous day's low of 145.37 and open the doors to a sustained move above 147.00.

Omkar Godbole FXStreet Contributor

15-min chart

Spot Rate: 146.70

Daily High: 146.85

Daily Low: 146.52

Trend: Bullish continuation above 146.73

Resistance

R1: 146.89 (20-day moving average)

R2: 147.29 (50% Fibonacci retracement of the recent drop from the July 16 highs)

R3: 147.76 (61.8 Fibonacci retracement of the recent drop from the July 16 highs)

Support

S1: 146.55 (lower end of the pennant)

S2: 146.14 (10-day moving average)

S3: 145.26 (July 30 low)

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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