GBP/JPY technical analysis: Break of 2-week old trend-line favors further upside to 140.80

Last week’s multiple highs can question the latest upswing backed by the resistance-line break.
Bears could regain control once prices slip under 140.00 round-figure.

Anil Panchal FXStreet

Having breached a downward sloping trend-line stretched since May 07, GBP/JPY is taking the rounds near 140.30 during early Monday.

The quote now aims for last week's multiple highs near 140.80 ahead of targeting May 13 low around 141.20.

Given the pair’s successful rise above 141.20, 141.70 and 142.20 could please buyers.

Meanwhile, 140.00 seems immediate support to follow during the pullback, a break of which may fetch the quote back to recent lows near 139.55.

If there prevail additional declines below 139.55, 139.00 can come back on the chart.

GBP/JPY hourly chart

Trend: Bullish

1. R3 141.74
2. R2 141.21
3. R1 140.6
PP 140.07
1. S1 139.46
2. S2 138.93
3. S3 138.32

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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