GBP/JPY Taking a Breather

GBP/JPY is currently hesitating whether it should continue its move to the upside. The pair rallied from  135.60 in mid-April to a high of 148 last week. Since then, the Sterling has been taking a breather doing some correction moves and consolidation around the level of 146.70.

If the continuation continues with hints of going to the upside, first potential target is seen at 148.50, which forms a double top. If that level does not hold the bulls, second and stronger level is 150.

Well above the 200SMA, GBP/JPY has a strong momentum to the upside as the bull camp seems determined to push it higher.

The corrective wave might be expected to continue until tomorrow when the UK will release the GBP Core CPI and CPI data.

Char: GBP/JPY D1