The GBPJPY continued its bullish momentum yesterday , bottomed at the 168.30 levels , and topped at the 170.20 levels . This development leaves the pair targeting the 172.00 levels where a halt is suggested , but a breach will turn focus on the 174.00 levels , further out will call for a run towards the 176.50 levels.
On the downside , main support comes at the 168.30 levels , losing this level on a daily closing basis will suggest short term topping , If seen , a free fall towards the 163.85 levels will be in sight , a cut will extend losses towards the 159.40 levels.
In all , the GBPJPY will remain based to the upside with risk towards the 172.00 levels ahead of the 174.00 levels as long as support 168.30 holds on a daily closing basis levels . losing the 168.30 levels will reverse risks towards the 163.85 levels.