The British pound could experience a price pullback against the Japanese yen currency in the short-term, as a large bearish pattern continues to loom over the pair. Lower time frame analysis shows that a bearish head and shoulders pattern with a 120 point target will be activated if the price moves under the 153.60 area. The long-term trend for the GBPJPY pair remains bullish, a move towards the 152.40 area could also offer a solid buying opportunity.
The GBPJPY pair is only bullish while trading above the 153.60 level, key resistance is found at the 154.40 and the 154.80 levels.
If the GBPJPY pair trades below the 153.60, sellers may test the 153.00 and 152.40 support levels.
