GBP/JPY Technical Analysis: 200-hour MA is capping gains

• The bullish breakout seen in the GBP/JPY hourly chart is encouraging, but only a beak above the 200-hour moving average (MA) would seal the deal for the GBP bulls.
• A break above the 200-hour MA of 141.31, if confirmed, would open up upside toward 141.77 (resistance on the hourly chart) and 142.00 (psychological level).

Hourly chart

Spot Rate: 141.25

Daily High: 141.36

Daily Low: 140.66

Trend: Bullish above 200-hour MA

Resistance

R1: 141.31 (200-hour MA)

R2: 141.40 (10-day MA)

R3: 141.77 (hurdle as per the hourly chart)

Support

S1: 141.22 (support as per the hourly chart)

S2: 140.88 (100-hour MA)

S3: 140.66 (Aug. 20 low)