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GBP/JPY Technical Analysis: Range breakout bolsters already bullish setup

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发表于 2018-10-8 14:15:38 | 显示全部楼层 |阅读模式
The pennant breakout on the GBP/JPY pair indicates the revival of rally, as represented by the ascending trendline connecting the Aug. 15 low and Sept. 7 low.
The 5-day and 10-day exponential moving averages (MAs) are trending north, indicating a bullish setup. A similar message is being delivered by the ascending 50-hour, 100-hour and 200-hour EMAs.
The relative strength index (RSI) on the hourly and daily chart is also biased toward the bulls.
All this, coupled with Brexit optimism indicates scope for a test of 150.00.
Hourly Chart


Spot Rate: 149.28

Daily High: 149.51

Daily Low: 149.07

Trend: Bullish

Resistance

R1: 149.42 (Oct. 1 high)

R2: 149.72 (Sept. 21 high)

R3: 150.00 (psychological level)

Support

S1: 149.10 (Sept. 26 high)

S2: 148.74 (5-day EMA)

S3:148.37 (10-day EMA)

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