The British pound is awaiting its next major move against the Japanese yen currency, as the pair consolidates around the 154.00 price area. Lower time frame analysis shows that a bullish head and shoulders pattern with a 500 point target has recently been invalidated. The head of the invalidated pattern is found around the 153.40 level and remains a potential buy spot in expectation of more upside in the GBPJPY pair.
The GBPJPY pair is only bullish while trading above the 153.60 level, key resistance is found at the 155.00 and the 156.00 levels.
If the GBPJPY pair trades below the 153.60, sellers may test the 153.30 and 152.70 support levels.
