GBPJPY pair is struggling to break beyond 145.00 barrier .GBP/JPY’s pullback from the April 15 high of 147.00 has run out of steam at the 200-hour moving average (MA) line in the last 24 hours.

Fewer moves of the GBP/JPY pair were witnessed during early Thursday as it trades near 146.00. The quote remained sideways off-late as Japan’s Nikkei manufacturing PMI and the UK retail sales releases are awaited. As of writing, the JPY cross is currently trading at 145.95, representing a 0.10 percent drop on the day. Meanwhile, the 200-hour MA is currently located at 145.88.

The buyers will have a quite easy short term trade with minimum risk envolvement targetting 145.800 to test the broken long term trendline. If this bullish momentum breaks above 145.900, it may lead upto 146.320.

Since the 1hr trendline is broken, momentum below 145.000 will have chances of forming lower highs reaching 144.80.