Technical analysis of GBP/JPY for June 07, 2018

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On the 4-hour chart, the GBP/JPY pair is moving in the upward channel, but there is a divergence between the Stochastic Oscillator and the price. As long as the price does not break out and closes above the 147.97 level, there is a high probability that in a few days the price will make a significant correction from the upside movement with the first target at 147.00 which coincides with the Support level. Then, the price will continue again to the upside to test the resistance level of 149.11.

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