The British pound is preparing for its next major move against the Japanese yen currency, as the pair trades close to a three-year high. Lower time frame analysis shows that a bearish head and shoulders pattern with a 120 point target will be invalidated if the pair moves above the 154.80 level this week. GBPJPY sellers need to move the pair under the 153.60 level this week to activate the mentioned bearish price pattern.
The GBPJPY pair is only bullish while trading above the 153.60 level, key resistance is found at the 154.80 and the 156.00 levels.
If the GBPJPY pair trades below the 153.60, sellers may test the 153.20 and 152.50 support levels.
