GBPJPY rejects previous broken highs

Key Support: 154.50 – 154.00
Key Resistance: 155.50

The GBPJPY rallied 1.48% at the end of May and last week price pulled back to the previous broken level forming a flat correction right at the 1.13 retracement of the BC move.

We have been looking for a setup to go long here on a bullish continuation of the long term move. Since September 2020 the GBPJPY has rallied 17.32% from low to high without a deep pullback. The deepest pullback was at the beginning of April and it was only a -3% move.

A breakout of Yesterday’s highs and the weekly pivot would validate our long idea and would also break the immediate bearish structure.