FxWirePro: GBP/JPY extends grind above 200-DMA, eyes trendline resistance at 148.70, stay long

GBP/JPY chart on Trading View used for analysis

• GBP/JPY is extending grind above 200-DMA, hits 3-week highs at 147.98.
   
• Technical analysis supports bullish bias for the pair, scope for further gains.
   
• Price action is now above daily cloud and major moving averages. 
   
• Stochs are sharply higher and RSI above 50, bias higher. MACD shows bullish crossover on signal line.
   
• Next major bull target lies at 148.70 (trendline resistance). Break above to see further gains.
   
• On the flipside, retrace below 200-DMA could see weakness till 5-DMA at 146.56. Dip below 20-DMA negates bullish bias.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-JPY-Trade-Idea-1453317) has hit TP1.

Recommendation: Book partial profits at highs, hold for further upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.