The GBPJPY maintained a bullish momentum last week, printed a new support at the 154.71 levels, this development leaves the pair targeting the 160.00 levels the upcoming weeks where a breach will turn focus on the 163.06, further out will aim the 165.05, sustained break above the 165.05 levels will have large bullish implication towards the 179.18 levels.
On the downside, support comes at the 154.71 levels, stability above this level will keep strong pressure on the 160.00 levels, but losing 154.71 levels will open 150.46 before the next rise , below 150.46 will pave the way towards the 147.09 levels.
Overall, the GBPJPY will remain biased to the upside with risk toward the 160.00 levels ahead of the 163.00 levels as long as 154.74 holds on a weekly closing basis, below this level would delay the bullish for retesting 150.46 levels before the next rise.
Support and resistance (Weekly Chart):137.82, 140.38 ,150.46, 154.71, 159.94 , 163.06 , 165.05, 179.18
Recommendations : Buy after rejection above 154.71 (daily basis) ,buy after rejection above 159.94 (daily basis) , short after rejection below 154.71 (daily basis) , buy after rejection above 150.46 daily basis.