The GBPJPY maintained a bullish momentum yesterday, bottomed at 148.23 and topped at 150.66, now pressure will be on the key resistance 150.66, the GBPJPY will have to hold above the 150.66 levels on a daily closing basis to push the market for further upside gains ,Is seen It will target the 152.82 levels where a breach will turn the focus on the 154.00 levels.
Alternatively, a failure to hold above the 150.66 levels could mean a return to the 148.23 levels, losing this level will reverse risks to the downside 146.46/145.85 where a strong rise is suggested …
In all, as long as the 148.23 holds on a daily closing basis, the pair will remain biased to the upside, losing 148.23 will reverse risks to the downside towards the 146.00 levels.
Support and Resistance levels on daily chart :
137.85 , 140.36 , 143.78 , 145.85 , 147.08 , 148.23 , 150.66 , 152.82 ,154.00, 156.75