GBPJPY Pulling back
The British pound is starting to pull back against the Japanese yen, following a recent rally towards the 152.50 resistance zone. GBPJPY short-term bulls may now be looking to buy into the latest pullback around the 151.40 to 151.20 technical support region. Overall, a recent breakout from a large triangle pattern is projecting that the GBPJPY pair could eventually rally towards the 153.30 price area.
The GBPJPY pair is only bullish while trading above the 151.20 level, key resistance is found at the 152.50 and the 153.30 levels.
If the GBPJPY pair trades below 151.20, sellers may test the 150.90 and 150.70 support levels.