GBP/JPY edged higher on Tuesday after it found support marginally above the 166.80 (S1) support line. However, the advance was halted once again slightly below the 170.50 (R1) resistance level. The pair printed a higher low near 168.80 (S1), something that keeps the short-term outlook cautiously positive. A clear move above 170.50 (R1) would confirm a forthcoming higher high and is possible to initially target the 172.00 (R2) zone. The RSI looks ready to rebound again and perhaps aim for the 70 line, while the MACD stands above both its zero and trigger lines, pointing north. These indicators reveal positive momentum and magnify the case for further advances. Zooming out to the daily chart, I see that on the 21st of December the rate fell below the 180.50 key hurdle, which is the lower bound of the wide range the pair had been trading since the 25th of August. I would still consider the medium-term picture to be negative and I would treat the recovery started on the 21st of January, or any extensions of it, as a corrective phase, at least for now.
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