GBP/JPY Up

GBP/JPY reached a high of 133.29 in yesterday's session and is currently trading to the downside at 132.56. The pair is in its uptrend for the past week going steadily higher since 129.25. 129.22 was major support for GBP/JPY and bulls successfully managed to withstand the bear attacks. It was relatively easy since then to push the price up.

However, it seems that bulls are now faced with yet another challenge - the 133 level. The pair reached it yesterday, then went below to 132.93 and opened the new day at that level and then reached 133.30 again in this session. It appears that bulls are having a hard time going above 133.30.

Bears need to keep it below that line for until the end of the week so they could have bigger chances to drive price lower next week.

Chart: GBP/JPY D1