GBP/JPY: The latest inter-day consolidation has been broken to the upside, with the market breaking back above 147.00 to potentially expose a fresh upside extension towards 150.00 over the coming days. However, it is too early to tell and we will use the 50-Day SMA as a gauge for directional bias. A close above the 50-Day will increase the likelihood of a push towards 150.00, while inability to do so will put the pressure back on the downside towards initial support at 143.65.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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