The markets continue to look messy and altogether indecisive.
GBPJPY is one of a few currency pairs that has a definable trend.
That alone makes this market easier to trade than others like the EURUSD or GBPUSD that are all over the place.
Another reason I’m favoring GBPJPY lately is the fact that the market is respecting key levels incredibly well.
Every horizontal level you see below has been on my chart since I first wrote about the pair on February 5th.
Back then, we were looking for at least a 500 pip move higher.
So far, GBPJPY is up 700 pips.
And speaking of the uptrend, the pair is still working its way toward my final target of 155.00.
Notice the confluence of resistance in that area.
As for the current price action, GBPJPY remains constructive as long as it stays above 150.00.
That’s the area I wrote about last week.
We were watching for a daily close above 150.00 for another push higher.
Sure enough, GBPJPY broke above 150.00 on the 8th, which sent the pair on a 200-pip run.
The next key resistance on my chart is 152.80.
That said, the area could be as low as 152.25.
Get above 152.80 on a daily closing basis, and GBPJPY should be able to make its final run toward 155.00.
Alternatively, a close below 150.00 would negate or at least delay the bearish outlook and expose 148.00.