GBP/JPY Moves Higher

GBP/JPY is moving higher since last week when the pair hit a bottom at 143.03 and closed the weekly candle above 146.00. The Sterling depreciated against its peers due to a dovish tone out of BoE and lower than expected economic announcements last month.

However, the Sterling seems to be regaining what it lost as it's moving higher against all major counterparties. 

The GBP/JPY bottom reached last week acted as a strong support that has the potential to bring the pair to its lost highs starting with the first bull target at 149.30 which also happens to be the 200SMA. If that level is reached we can expect a light pullback to cover some profit taking.

Chart: GBP/JPY D1