GBP/JPY Carves New Support Level on Its Way to 148.00

On February 5th, I wrote about a GBPJPY bullish breakout. The pair broke out from a multi-year trend line that hinted at a move toward 148.00, followed by the 150.00 region. As you can see, GBPJPY was breaking out from a trend line that extends from mid-2016. If we use the larger wedge pattern that has developed since 2007, we get a possible (longer-term) target between 150.00 and 155.00. And GBPJPY is well on its way. Since the breakout in early February, the pair is up over 300 pips. However, it’s also getting a bit overextended, particularly after today’s 120 pip gain. If we do see a pullback after Monday’s … (full story)

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