Technical analysis of GBP/JPY for May 23, 2018

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On the 4 hour chart of GBP/JPY we've spotted the Broadening Up Channel. This is a sign of the weak bullish momentum. Furthermore, the up channel was easily broken, especially after the price touched the Exponential Moving Average 200 at the day's close. Besides, the price has already gone below the Dynamic Resistance, so for a few days ahead there is a possibility the GBP/JPY will try to test the resistance level at the 149.11 or maybe the Exponential Moving Average 200 by close again. But as long this pair cannot breakout and close above these levels, the GBP/JPY will go down to test the next support level zone between the 147.03-147.56 levels.

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