GBPJPY Bullish above 152.50
The British pound is gaining strength against the Japanese yen as the British pound currency rallies while the yen remains out of favour with traders. The four-hour time frame shows that a bullish breakout from a large inverted head and shoulders pattern is underway while the price trades above the 152.50 level. According to the overall size of the bullish price pattern, the GBPJPY pair could rally towards the 156.00 level over the short term.
The GBPJPY pair is only bullish while trading above the 152.50 level, key resistance is found at the 154.60 and the 156.00 levels.
If the GBPJPY pair trades below 152.50, sellers may test the 151.80 and 150.00 support levels.