GBP/JPY - looks poised to test daily 50-SMA hurdle
Pair's recovery above daily 5-SMA coupled with a bullish 5-SMA and 10-SMA crossover along with a bullish hourly RSI indicates prices could take out hourly 50-MA hurdle of 157.18 and challenge supply around daily 50-SMA of 158.34 levels.
Break above 157.18 would also mark a move back above rising trend line hurdle on hourly.
On the lower side, break below 156.37 (5-SMA) would signal intraday bullish invalidation and shift risk in favor of further drop to 155.85 levels.
Overall, the cross still appears on track to complete its inverse head and shoulder formation as anticipated about 14 days ago.
Break above 157.18 would also mark a move back above rising trend line hurdle on hourly.
On the lower side, break below 156.37 (5-SMA) would signal intraday bullish invalidation and shift risk in favor of further drop to 155.85 levels.
Overall, the cross still appears on track to complete its inverse head and shoulder formation as anticipated about 14 days ago.
