GBP/JPY Technical Levels: Eyes inverse head-and-shoulders breakout

• The GBP/JPY hourly chart is eyeing an inverse head-and-shoulders breakout, having found acceptance above the 50-hour and 100-hour moving averages (MAs).
• The MAs have bottomed out or shed bearish bias and the RSI has moved above 50.00 (in bullish territory).
• Currently, the GBP/JPY is trading at 146.25 and a move above the neckline resistance of 146.45 would allow a rally to 147.44.

Hourly chart

Spot Rate: 146.25

Daily High: 146.50

Daily Low: 146.15

Trend: Bullish

Resistance

R1: 146.45 (neckline hurdle)

R2: 146.88 (resistance of July 18 low on the hourly chart)

R3: 147.02 (200-hour MA)

Support

S1: 146.11 (100-hour MA + 50-hour MA)

S2: 145.77 (Support of July 25 low on the hourly chart)

S3: 145.46 (July 23 low)