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GBPJPY Carves New Support Level on Its Way to 148.00

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On February 5th, I wrote about a GBPJPY bullish breakout.

The pair broke out from a multi-year trend line that hinted at a move toward 148.00, followed by the 150.00 region.

Here’s a broader view of the GBPJPY breakout:

GBPJPY monthly breakout
GBPJPY monthly time frame

As you can see, GBPJPY was breaking out from a trend line that extends from mid-2016.

If we use the larger wedge pattern that has developed since 2007, we get a possible (longer-term) target between 150.00 and 155.00.

And GBPJPY is well on its way.

Since the breakout in early February, the pair is up over 300 pips.

However, it’s also getting a bit overextended, particularly after today’s 120 pip gain.

If we do see a pullback after Monday’s rally, I will keep a close eye on 146.00.

It was a key pivot a couple of years ago, and it also served as a stopping point during Monday’s move.

While I do think GBPJPY could reach the area between 150.00 and 155.00 in the coming weeks, don’t forget about 148.00.

I mentioned this area on February 5th.

It’s been a critical area for years, so I do expect sellers to defend 148.00 if tested.

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GBPJPY daily support and resistance
GBPJPY daily time frame

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4 comments
Justin Bennett says

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jabbar says

Yes you are right sir but market is holding the strong resistance area of monthly resistance 2 we can find support of 146

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Karisa Kimera says

Thank you Mr Justin
Am grateful

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alì says

Thanks for the update sir justin you’re a great help to me god bless you.

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