GBPJPY rejects 156 whilst JPY break bearish flag

Key Support: 156.00 – 156.40
Key Resistance: 157.40 – 158.20

The GBP has appreciated 6.25% against the JPY on a massive bearish breakout on the JPY Yen side 2 weeks ago. The level that was capping the upside in this market was the 156.00 (Jan. 2021 highs).

Once the GBPJPY broke with a pullback structure and the 156.00, I’ve been waiting for a pullback to this level for new longs to add to my already in profit position 700 pips+). The immediate bearish structure (flag) is still in play and not until a definite breakout happens longs will be in play.

The JPY on the other side has pulled back 1.75% from Oct. 21st lows and its immediate bullish structure is still intact.

For shorts here I need to see a clean break of last Friday’s lows which will trigger those possible GBPJPY longs.