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Forex: GBP/JPY edges above key level

FXstreet.com (Barcelona) - Having made a defined bottom yesterday with an hourly hammer candlestick at the start of the overnight session, GBP/JPY has steadily climbed today and is up 1.48% on the day.

The pair has edged above 150, where it now finding a touch of support above the round number and the daily pivot point at 149.95, to post a high at 150.29 and has met some short term resistance at the hourly 55MA. Shorter period hourly MAs are indicating a upside bias, but for the longer periods (100, 200) the focus is to the downside. Hourly stochastics at at 75, just shy of overbought territory, but looks to have formed a plateau, while RSI is at 58 and despite holding upside momentum, has flattened in the short term.

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