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GBP/JPY Technical Analysis: Bullish continuation pattern spotted on 1-hourly chart

   •  The cross came under some renewed selling pressure on Monday and dropped to the lower end of a near three-day-old trading range during the early European session.

   •  The range bounce price-action constituted to the formation of a rectangle, which given the recent up-move might be categorized as bullish continuation chart pattern. 

   •  Moreover, the fact that the cross remains above important intraday moving averages - 100 & 200-hour SMA, add credence to the near-term constructive outlook.

   •  Meanwhile, technical indicators on the 1-hourly chart have been gaining negative momentum but have still managed to hold in the bullish territory on 4-hourly/daily charts.

   •  Hence, it would now be interesting to see if the cross is able to defend the mentioned rectangle support or the current pull-back marks the end of the recent bullish move.

GBP/JPY 1-hourly chart


    Today Last Price: 147.71
    Today Daily change: -46 pips
    Today Daily change %: -0.31%
    Today Daily Open: 148.17
    Daily SMA20: 146.25
    Daily SMA50: 143.48
    Daily SMA100: 143.55
    Daily SMA200: 144.67
    Previous Daily High: 148.39
    Previous Daily Low: 147.43
    Previous Weekly High: 148.88
    Previous Weekly Low: 143.72
    Previous Monthly High: 148.28
    Previous Monthly Low: 141.01
    Daily Fibonacci 38.2%: 148.02
    Daily Fibonacci 61.8%: 147.8
    Daily Pivot Point S1: 147.6
    Daily Pivot Point S2: 147.04
    Daily Pivot Point S3: 146.64
    Daily Pivot Point R1: 148.56
    Daily Pivot Point R2: 148.96
    Daily Pivot Point R3: 149.52


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