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Forex: GBP/JPY targets 154.75

FXstreet.com (London) - With CBL mostly unchanged with the activity settled down ahead of MPC later this week, looking to USD/JPY for clues, the yen has in fact clawed back some losses and 100.0 remains resilient in USD/JPY. However, the price action in the GBP/JPY cross today has seen some more movement to the upside in the London sessions with a low of 153.68 and a high of 1.5421.

154.75 is the next target as being the 61.8% fib. This level had been previously exposed when the previous 50% fib expansion and resistance level was breached of 153.15. GBP jumped on encouraging Services PMI last week and other better than expected data in construction and manufacturing.

At time of writing, an upside flag has formed breaking through previous resistance 154.14.

153.15 acts as major support and beneath that we look to the April lows of 150.73.

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