GBP/JPY Technical Analysis: Bullish consolidation above 200-hour SMA

   •  The cross was seen consolidating daily gains and oscillated in a narrow trading range around 200-hour SMA.

   •  Technical indicators on the 1-hourly chart have also started gaining positive momentum and are in favour of bullish traders.

   •  Moreover, the cross has managed to hold above the 141.00 handle, which further adds credence to the near-term positive outlook. 

   •  Hence, a move beyond 142.00 handle, last week's swing high, now looks a distinct possibility and any dips are likely to be utilized as a buying opportunity. 
 

GBP/JPY 1-hourly chart

Spot Rate: 141.36
Daily Low: 140.67
Trend: Bullish 

Resistance
R1: 141.65 (R3 daily pivot-point)
R2: 142.00 (round figure mark)
R3: 142.48 (August 14 swing high)

Support
S1: 141.00 (round figure mark)
S2: 140.67 (current day swing low)
S3: 140.14 (S3 daily pivot-point)