GBP/JPY Technical Analysis: Diamond pattern on hourly chart

GBP/JPY's consolidation in the range of 147.00-149.00 has taken the shape of a diamond pattern on the hourly chart. A break above the upper edge of the diamond, currently at 148.00, would signal a resumption of the rally from the lows near 145.00 and could yield a break above 150.00. 

A break below the lower edge, currently at 147.66, could yield a pullback to the rising trendline support at 147.19. As of writing, the pair is trading at 147.83. 

Hourly chart

Trend: Bullish above 148.00

GBP/JPY

Overview:
    Today Last Price: 147.89
    Today Daily change: -3 pips
    Today Daily change %: -0.02%
    Today Daily Open: 147.92
Trends:
    Daily SMA20: 145.95
    Daily SMA50: 143.28
    Daily SMA100: 143.51
    Daily SMA200: 144.66
Levels:
    Previous Daily High: 148.88
    Previous Daily Low: 147.38
    Previous Weekly High: 148.47
    Previous Weekly Low: 144.31
    Previous Monthly High: 148.28
    Previous Monthly Low: 141.01
    Daily Fibonacci 38.2%: 147.95
    Daily Fibonacci 61.8%: 148.31
    Daily Pivot Point S1: 147.24
    Daily Pivot Point S2: 146.56
    Daily Pivot Point S3: 145.74
    Daily Pivot Point R1: 148.74
    Daily Pivot Point R2: 149.56
    Daily Pivot Point R3: 150.24

 

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