- GBP / JPY extends the bounce and reaches highs of 151.09.
- The bullish tone prevails in the short term, it needs to break 151.00.
The rebound of the pair GBP/JPY from 149.08 continues on Tuesday. The pound found resistance at the 151.00 / 10 barrier. A break to the upside would open the doors for more gains with a target of 151.50 / 55.
The short term outlook will remain bullish as long as it is above 150.00; the convergence of a horizontal support and the 21 simple moving average chart in four hours. Indicators favor to the upside, but it faces stiff resistance at the moment.
A drop below 150.00 would suggest an extension to the 149.60 area. Next, a consolidation below 149.40 is needed to clear the way for a test of 149.00.
4 hour chart
Technical levels
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