A full review was made for the GBP/JPY pair, due to previously drawn pattern being broken. The pair was smoothly moving north until it was stopped by the combination of the monthly and weekly PPs near the 155.78 mark.
A new junior channel has been mapped, and by the end of Friday’s trading session, a breakout has occurred to the south.
Meanwhile, in regards to the future movement, the bear is likely to grow stronger until it is stopped by the combination of the weekly PP and the 200—hour SMA at 151.81 mark. If and when it happens, there might be a retracement upwards.
