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GBP/JPY Technical Analysis: Triangle formation challenge trade sentiment between 147.50/148.00 area

  • The GBP/JPY pair is on bids around 147.80 during early Wednesday.
  • A week-long triangle formation limits the moves between 147.50 support and 148.00 resistance.
  • Should the pair rallies beyond 148.00 resistance, 148.40 and current month high around 148.90 can come back on the chart.
  • Though, pair’s rise past-148.90, also clearing the 149.00, could help prices to aim for 61.8% Fibonacci expansion (FE) of March 12-18 moves at 149.70 followed by 150.00 round-figure.
  • In a case where the quote slips under 147.50 support, 146.70 and 50% Fibonacci retracement around 146.30 may become sellers’ favorites.
  • Also, pair’s sustained downturn beneath 146.30 might not hesitate to drag it towards 145.30, 145.00, 144.80 and 143.70 consecutive supports.

GBP/JPY hourly chart

 

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