The British pound is treading water against the Japanese yen on Monday, as both currencies are starting to gain ground against the greenback. Short-term GBPJPY bulls need to move the price above the 151.00 level to ignite a bullish inverted head and shoulders pattern with around 200 points of upside potential. GBPJPY traders should also note that the short-term trend will once again turn bullish if the pair trades above the 151.00 level.
The GBPJPY pair is only bullish while trading above the 150.50 level, key resistance is found at the 151.00 and the 151.50 levels.
If the GBPJPY pair trades below 150.50, sellers may test the 150.00 and 149.40 support levels.
