GBP/JPY Technical Analysis: Cautiosuly bullish, charts show bull doji reversal, bullish hammer

GBP/JPY may revisit 147.00, courtesy of bullish doji reversal.
The pair has created a bullish hammer, the hourly chart shows.
The BOJ is set to maintain the status quo, highlighting the rising monetary policy divergence. Fed delivered a hawkish hike earlier this week and ECB pulled the plug on QE. So, JPY could remain under pressure.

Omkar Godbole FXStreet Contributor

15-minute chart

Hourly chart

Spot Rate: 146.58

Daily High: 146.88

Daily Low: 146.36

Trend: Cautiously bullish

Resistance

R1: 147.11 (5-day moving average)

R2: 148.11 (June 7 high)

R3: 148.81 (50-day moving average)

Support

S1: 146.09 (June 8 low)

S2: 145.65 (38.2% Fib R of May 29 low - June 7 high)

S3: 145.00 (psychological level)

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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