GBP/JPY - Is Holding Within an Ascending Triangle Since April - 07/26/2017 (GMT)

Sterling has been developing within an upward sloping triangle against the Japanese yen over the last four months with significant resistance level at 147.70. The GBP/JPY pair completed the third green day in a row following the pullback on the psychological level 144.00 which is near with the 50-day SMA. Our expectation is a further incline move until the 147.70 – 148.40 resistance zone. The technical indicators are moving near its neutral area with weak momentum. The MACD oscillator lies near the zero line and below its trigger line. Also, the RSI indicator is sloping down in the positive path.