GBP/JPY Climbs Higher

The GBP/JPY pair climbed to levels close to the major SMAs in the first days of last week as the pair approached 148.00. Nearing the end of the week the pair gave away some of the gains made in the beginning but still was able to sustain the price above 146.50.

The pair reached a strong support on the long term scale at 143.50 and bulls reacted strongly to the opportunity. If the bullish trend on the short term continues, we can expect to reach the first SMA - the 50SMA and then the other two almost simultaneously as they are all very close to each other.

First bull target will be to take the 50SMA and possibly break the double top at 150.00.

Chart: GBP/JPY D1