GBP/JPY Price Analysis: Off lows, but key resistance intact

• GBP/JPY has erased early losses, but remains below hurdle at 137.45. 
• A close higher would signal a continuation of the recovery from September lows. 

GBP/JPY is currently trading largely unchanged on the day at 137.10, having put in a low of 136.93 early Friday. 

Despite the recovery, the pair is still trapped in Thursday's range of 136.68 and 137.41. 

Besides, the range of 137.35-137.45 has proved a tough nut to crack since Oct. 5. 

Hence a close above that level is needed to revive the recovery rally from the Sept. 22 low of 133.04. On the higher side, immediate resistance is seen at 137.80 – the 50-day simple moving average.  

Alternatively, a break below the 200-day SMA at 136.57 would imply an of the recovery rally. 

Daily chart

Trend: Bullish above 137.45

Technical levels