GBP/JPY Rallying

GBP/JPY has been trading to the upside for the past couple of weeks as price advanced from 135.57 to the latest high made yesterday at 143.01. The Sterling rallied on the news that the United Kingdom will be having General election on June 8.

Market participants favored the announcement made by the UK Prime minister Theresa May and the Sterling climbed up against all of its competitors.

Currently, the GBP/JPY pair is trading somewhat lower at 142.70 but momentum is still bullish and has the potential to bring the pair up to resistance at 144.00.

If that level is reached, bears may take action and try and bring it down to potential first target at 142.50. On the other hand, if bulls are able to keep the momentum going, the pair may go to a high of 145 as first target.

Chart: GBP/JPY H4