GBPJPY Triangle watch
The British pound has started to move lower against the Japanese yen, following a sudden bout of strength in the yen currency. Lower time frame analysis shows that the GBPJPY pair is trapped inside a symmetrical triangle pattern, between the 149.60 and 151.90 level. According to the overall size of the triangle pattern, the GBPJPY pair could rally by over 200 points once a triangle break occurs.
The GBPJPY pair is only bullish while trading above the 150.50 level, key resistance is found at the 151.90 and the 153.30 levels.
If the GBPJPY pair trades below 150.50, sellers may test the 149.60 and 147.50 support levels.