GBP/JPY technical analysis: Choppy between a week-long range

  • The pair offers fewer moves since last-Thursday.
  • Addition of 200-HMA at the lower end of the range dims chances of a heavy decline.

GBP/JPY’s latest up-moves from 137.55 can’t recall the bulls unless clearing a week old trading range. The pair currently trades around 137.70 during the early Asian session on Thursday.

While 137.90 and 138.15 can please short-term buyers, a horizontal resistance-line of a range at 138.27 may limit further upside.

However, pair’s rise beyond 138.27, also clearing recent uptick around 138.33, could trigger fresh advances towards May 30 high of 138.75 and then to 139.00.

Alternatively, 200-hour moving average (200-HMA) and the range support offer strong support around 137.51/49.

On the break of 137.49, 137.00 and 136.54 are likely following numbers to appear on the chart.

GBP/JPY hourly chart

Trend: Sideways

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