GBP/JPY Technical Analysis: Upside looks capped at 147

• The GBP/JPY is twisting near recent peaks, set for a bearish correction after pushing higher last week.
• With trade fears ramping up, continued flights into safe havens like the Japanese Yen can be expected.
• The Guppy is primed for a technical rejection from the 200-day EMA, which has held prices under wraps since May of this year.

GBP/JPY Chart, 1-Hour

Spot rate	146.35
Relative change	Negligible
High	146.50
Low	146.35
Trend	Overbought
Support 1	146.21 (50-hour EMA)
Support 2	144.29 (61.8% Fibo retracement level)
Support 3	143.07 (previous week low)
Resistance 1	146.71 (200-day EMA)
Resistance 2	147.00 (major technical level; previous week high)
Resistance 3	147.15 (September high)

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