GBPJPY: Short Term Resistance Area

From a technical point of view, GBP/JPY pair has reached an important resistance area, that said, if the pair triggers a bearish leg, something like a ABC Pattern may appear. Above 167.40 the rally will continue 170 direction..

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As long as the price action remains below the trendline, it should reach 167 areas in the short term.

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tp1 hit 💗

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As long as price remains below the trendline, short-term trend remains bearish with the next stop around 166.80. Bullish above 167.80.

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short term target hit! 💗

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Our analysis seems to have been correct (it's never easy to find a reversal area...) and our focus on trendline and channel worked well. That said, technically speaking, the bearish leg might find short-term support around 166.18/166 area, let's see…

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Our support area seems to have worked properly, hence the pair has triggered a nice rally at the end of week. That said, as we see on hourly chart, the pair has not developed an easy corrective structure, still showing strength on the British currency in near term (Supporting this comment is the full recovery of daily candle).
Early next week will see major resistance area approaching and I expect some corrective (bearish) structure on intraday chart.

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