GBP/JPY Technical Analysis: 146.30 continues to be near-term important resistance

GBP/JPY is on the bids near 146.20 during early Wednesday. The pair recently took a U-turn from 145.95 but is yet to clear a downward sloping trend-line stretched since April 15 that limit the upside around 146.30. Additionally, a horizontal-line connecting low marked on April 12 and 15 also highlights the importance of 146.30 figure.

In a case prices rise above 146.30, 146.75, 147.00 and recent highs around 147.20 could entertain buyers.

Should there be additional upside momentum past-147.20, 148.10 and March month high near 148.90 could become bulls’ favorites.

Given the quote continues to trade beneath 146.30, 146.00 and 145.60 could appear on the chart whereas an ascending trend-line from March 29, at 145.40, might challenge sellers then after.

During the pair’s decline under 145.40, 144.80 and 144.00 could prove their worth as supports.

GBP/JPY hourly chart

Trend: Pullback expected