GBPJPY (151.15): Having posted strong gains last week, the GBPJPY has broken out from the ascending triangle pattern on a weekly timeframe. This puts the minimum upside to 159.75. However, ahead of a further rally in the currency pair, the support level at 147.15 needs to be tested having previously served as resistance. Any declines are likely to be stalled at this level as GBPJPY could prepare for another leg to the upside. Failure to reverse the correction at 147.15 could, however, signal an impending decline in the currency pair that could reverse the risk to the downside.
