Today GBP/JPY has risen to the highest level since May.
The pattern since the middle of September looks like a head-and-shoulders but the main takeaway is today’s breakout.
Overall, it’s clear that the market badly wants to buy anything against the yen. The pound is a bit frothy in the near-term after the GDP numbers so patient players might want to wait for a pullback before buying GBP/JPY. Other yen crosses (like AUD/JPY) could have more potential upside.
