The GBPJPY pair has broken back above its moving averages and the 148.000 level as it attempts to retest the trend line at 148.680. A break higher from here may struggle at the resistances of the September and October highs around 149.772 and 149.600 respectively. The 150.000 area also may present a challenge for long positions as a major round number resistance on the chart. But a move higher past these obstacles might squeeze short positions and result in a fast break towards 152.000. The lower high at 153.837 will also be an area where sellers may try to defend their positions. Above this area the 2018 high comes into view at 156.620.
Support for the pair can be seen at the 200 DMA and the 147.000 area with the 50 DMA attempting to cross this level from underneath. These indicators present a strong support area at 147.000 and are bullish for trend followers if a golden cross is formed. The 100 DMA is lower on the chart at 145.600. A break lower to this area potentially opens the way for the higher low at 142.790 to be retested. The 140.000 level stands between this area and the low for the year at 139.925.
The Silver chart is showing a consolidation in price around the 14.50 area. Resistance has formed ahead of 15.00 at 14.90 and support is based on the low at 13.95. A break higher from the current price level at 14.70 may seek to pressure 14.90 and 15.00 again, with a view to turning them into support. This could provide a platform to for traders to attack higher levels at 15.25 and 15.50. Ultimately traders will try to push price to 16.00.
Support around 14.60 is stacking up as the sideways price action means that the moving averages in the 4 hour time frame are converging around that level. The 100 period is at 14.63, the 50 period is at 14.60 and the 200 period is at 14.56. This creates a band of support on the chart, with a break down through this area potentially opening the way for a test of 14.25. This level has been tested twice and a loss of this support may see a test of 14.00 and the low at 13.95. Below these level 13.65 and 13.50 may offer support.