GBP/JPY Technical Analysis: Bulls reach 148.20 supply level as they post best daily advance since March

• Bulls have taken the lead as they broke above the key 149.98 level which is the swing low established on March 2. This Friday is the best daily advance since March 26.
• GBP/JPY bullish momentum is strong, buyers will likely set their eyes on 148.76 which is the low established on May 22.
• Since the currency cross is still technically in a bear trend it is reasonable to expect pullbacks, probably to the 143.30 level which is May 31 high.  

GBP/JPY daily chart

Spot rate:                   146.13
Relative change:       1.00%     
High:                           146.31
Low:                            144.49

Trend:                         Bullish

Support 1:                 145.31 May 31 high             
Support 2:                 144.12 May 31 low                             
Support 3:                 143.18 current 2018 low

Resistance 1:            147.05 May 8 low
Resistance 2:            150.01 May 18 high                               
Resistance 3:            152.73 April 26 high