GBP/JPY - Rose More Than 1% - Bullish Movement Is Expected - 11/02/2017 (GMT)

The British Pound was moving sharply to the upside during the previous couple of days versus the Japanese yen, surging more than 1%. The GBP/JPY pair posted three consecutive positive days and jumped to a five-week high at 151.93. The strong bounce off the 148.85 support level, which overlaps with the 50-day SMA is pushing the pair higher towards the 152.85 resistance level.

Technically, on the monthly chart, the price climbed above the 200-SMA and on the daily timeframe the three simple moving averages (50, 100 and 200) are sloping to the upside signaling for more bullish movement. Remaining on the short-term chart, the MACD oscillator is rising with stable movement and the RSI indicator holds in the positive path but is sloping to the downside.