GBPJPY extend to the highest level in nearly 7 months
Tests a topside trend line on the 4 hour chart.
The GBPJPY extended to the highest level in nearly 7 months as GBP pairs all surged higher.
Looking at the daily chart above, the price action extended above a topside trend line at the 141.90 level. That open the door for further upside momentum. On the daily chart, the next key target comes in at the 143.70 – 80 area. That was a floor area from February, March, and April before breaking below in early to mid-May.
Drilling down to the 4 hour chart below, the price rise today based near support at 140.75 before running higher. The high price has stalled against a topside trend line connecting recent lows over the last few weeks. That level currently comes in at 142.80 (and moving higher). A break above that level would look toward the target area on the daily chart at 143.70-80.