GBPJPY (1H) - short term bullish bias
After a week-long consolidation between 142.30 and 143.50, the British pound is finally making a move on the upside. The yen's weakness across the board favoured a breakout and lifted offers around the key resistance level of 143.50. The upward slope in the moving averages and the trend line suggests strong optimism for an extended rally. While the RSI is running into the over-bought area, we may expect a temporary pullback for buyers to regroup and push higher later in the day.
Key support: 143.00
Key resistance: 144.10
After a week-long consolidation between 142.30 and 143.50, the British pound is finally making a move on the upside. The yen's weakness across the board favoured a breakout and lifted offers around the key resistance level of 143.50. The upward slope in the moving averages and the trend line suggests strong optimism for an extended rally. While the RSI is running into the over-bought area, we may expect a temporary pullback for buyers to regroup and push higher later in the day.
Key support: 143.00
Key resistance: 144.10