GBPJPY is stuck between bear-trendline and daily cloud top
The cross is holding within tight rage on Friday with downside remaining at risk after Thursday’s action ended in long-legged Doji.
Top of daily cloud keeps the downside protected for now, despite several dips into cloud.
Upside attempts were capped by falling trendline, drawn off 151.94 (01 Nov high), forming a series of lower highs from 151.94.
Fresh probes into daily cloud could be anticipated while bear-trendline caps, with sustained break lower needed to complete asymmetric H&S pattern on daily chart and generate bearish signal on break below 148.29 (neckline / cloud top).
This could open way towards next strong support at 147.67 (Fibo 38.2% of 139.30/152.85 ascend).
Alternatively, break and close above bear-trendline / daily Kijun-sen (currently at 149.44) would sideline immediate downside risk and expose 10SMA (149.72) which guards pivotal barriers at 150.19 (Tenkan-sen) and 150.32 (07 Nov lower top).
Res: 149.44; 149.72; 150.19; 150.32
Sup: 148.83; 148.44; 148.29; 147.67