GBP/JPY Technical Analysis: Surges back to 145.00 handle on Barnier’s optimistic Brexit comments

   •  The British Pound rallied hard across the board after the EU's Chief Brexit Negotiator, Michel Barnier said that it would be realistic to expect an orderly Brexit deal in 6-8 weeks.

   •  The cross built on its intraday up-move from the 143.00 neighbourhood and surged through a short-term descending trend-line hurdle to retest the key 145.00 psychological mark.

   •  Technical indicators on hourly charts continued gaining positive momentum, albeit have failed to catch up on the daily chart and seems to be the only factors capping further gains.

   •  Hence, it would be prudent to wait for a strong follow-through buying beyond the mentioned handle before traders start positioning for any further near-term up-move.

GBP/JPY 1-hourly chart

Spot Rate: 144.72
Daily Low: 143.07
Daily High: 145.03
Trend: Bullish above 145.00 mark

Resistance
R1: 145.03 (current day swing high)
R2: 145.32 (R2 daily pivot-point)
R3: 145.69 (4-week high set on August 30)

Support
S1: 144.35 (descending trend-line resistance break-point)
S2: 144.00 (round figure mark)
S3: 143.48 (100-period SMA H1)