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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.
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