GBP/JPY Technical Analysis: bulls likely to aim towards an important horizontal resistance

   •  A positive outcome from a crucial Brexit meeting on Friday underpinned the British Pound, which coupled with fading safe-haven demand kept pushing the cross higher at the start of a new trading week. 

   •  The cross has been climbing alongside an ascending trend-line on the 4-hourly chart and was now seen building on last week's bullish breakthrough 200-period SMA, for the first time since late-April.

   •  With technical indicators on the mentioned chart holding in positive territory, the cross seems all set to extend the momentum further towards an important horizontal hurdle.

GBP/JPY 4-hourly chart

Spot Rate: 147.33
Daily High: 147.44
Daily Low: 146.60
Trend: Bullish

Resistance
R1: 147.90 (R3 daily pivot-point) 
R2: 148.12 (June monthly swing high)
R3: 148.75 (horizontal zone)

Support
S1: 147.03 (weekly bullish gap opening level)
S2: 146.60 (current day swing low)
S3: 146.26 (S1 daily pivot-point)