GBP/JPY(GJ) has been on rally since August 24th 2017, it made a support and turned up @ 139.30 and the bull resumed fully from a close above 140.84. But now a former support area that was turned to resistance ,for the past 3 days this pair is finding it difficult to go further high everyday we are having rejection from daily high.
Three days ago we had a reversal pattern; this reversal pattern can be for either trend continuation or change in trend / short term retracement. As for me I am waiting patiently for a close below 150.13 from there the sellers ll take over fully. Therefore follow the pullback to the following prices 149.16/147.30/145.81/144.23. 144.23 could be a turning point up to make new high above 152.24.
The chart below depict daily outlook of GBPJPY
The Chart Below is 4hr outlook of GBPJPY show how this pair has been on ranging for this week we waiting for either a break above the resistance and close above it or a close below the range , see the chart below :