GBP/JPY Technical Levels: Bull flag breakout seen in 15-min chart

The bull flag breakout, a bearish continuation pattern, indicates the GBP/JPY pair could revisit the session high of 17.07.
The bull breakout only bolsters the already bullish technical setup seen in the daily chart (break above the falling trendline, inverse head-and-shoulders breakout on the 14-day RSI).

Omkar Godbole FXStreet Contributor

15-minute chart

Spot Rate: 146.87

Daily High: 147.07

Daily Low: 146.60

Trend: Bullish

Resistance

R1: 147.07 (session high)

R2: 147.73 (upper Bollinger Band: +2,2 standard deviation on 20-day moving average)

R3: 148.11 (June 7 high)

Support

S1: 146.45 (50-hour moving average)

S2: 146.18 (100-hour moving average)

S3: 145.69 (200-hour moving average)

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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