The British pound currency is attempting to recover higher against the Japanese yen, following last week strong price decline. The four-hour time frame shows that the GBPJPY pair is trading in a descending broadening wedge pattern between the 153.80 and 155.35 level. If bulls can overcome the top trendline it could promote a huge GBPJPY rally back towards the 156.00 price area.
The GBPJPY pair is only bullish while trading above the 154.80 level, key resistance is found at the 155.40 and the 156.00 levels.
If the GBPJPY pair trades below the 154.80 level, sellers may test the 154.30 and 153.90 support levels.
