The British pound remains under pressure against the Japanese yen, as the multi-day correction in the fast moving cross pair continues. The four-hour time frame shows that the Momentum indicator has now eradicated negative price divergence. Traders should note that a bullish counter rally can still take place while if GBPJPY bulls can move the price above the 150.80 level.
The GBPJPY pair is only bullish while trading above the 150.80 level, key resistance is found at the 152.00 and the 153.00 levels.
If the GBPJPY pair trades below 150.80, sellers may test the 149.30 and 148.60 support levels.
