GBP/JPY eyes a breakout above the 212.92-213.02 SMA confluence as bullish momentum builds following a bounce from 211.33 support.
The pair gained 0.17% on Wednesday and bounced off the 211.33 trendline support, with a potential bullish harami and a bullish RSI suggesting upside toward 213.00. A break above the 100/200-day SMA confluence at 212.92-213.02 could target the September 2 high of 216.62, but buyers are reluctant and failure at resistance would re-expose support at 211.33 and 210.00.
GBP/JPY gained 0.17% on Wednesday, trading within Tuesday's range of 211.44-212.65. The pair is showing a potential bullish harami pattern after bouncing off a trendline support at 211.33, with a bullish RSI supporting further upside potential.
Upside: the 100/200-day SMA confluence at 212.92-213.02, then the September 2 high of 216.62 and 217.00. Downside: Monday's low of 211.33, then 211.00 and the 50-day SMA at 210.00.
The technical setup leans bullish (bullish harami, bullish RSI, bounce from 211.33 trendline support), but buyers are hesitant below the 213.00 resistance area, so a clean break above 213.02 would be the confirmation.