Global equities rally that extended in Asia session weakened the Yen and it fell vs its main counterparts USD and GBP. Both USD/GBP/JPY are heavily connected to Equity markets and when Equities are going up both USD/JPY and GBP/JPY are going up too. The pair has formed an Inverted Triangle (ConTriangle) and subsequently broke its top so we might see a retest-continuation.
The POC (DPP, L3. ConTriangle top, 50.0, ATR PP) comes within the 141.85-142.00 zone. If the momentum persists and we don’t see any retracement, then traders should pay attention to a possible continuation above 142.95 towards 143.40 (breakout level) and 143.60 projected high. Overshot above 143.60 targets 144.20. For intact bullish scenario the pair should hold above 141.50.
GBPJPY Hourly Chart