Trades above last week's highs

The GBPJPY is trading to the highest level since May helped by the overall positive tone ahead of the key elections on Thursday. The GBP is higher versus all major currency pairs with the exception of the CHF (it is near unchanged vs that currency). The GBPJPY is higher by 0.41% vs the JPY.

The price on the daily chart below will next target the 143.70 to 143.80 area where swing lows formed a floor from February to May. When the price cracked below at floor in May, the pair ultimately bottoming in August way down at 126.538.

Since that time, the price has corrected steadily higher.

Last week the pair moved above a topside trend line at 141.83 after a 6 or 7 week period where the price waffled back and forth in a non-trending trading range. That trendline at 141.83 is now risk on the daily chart.

Drilling down to the 4 hour chart below, the pair has a topside trend line target at the 143.85 level. That is just above the resistance on the daily chart at 143.70 to 143.80. The combination increases that areas importance going forward.

On the downside, a lower trendline currently comes in at 142.81 (and moving higher). Stay above it and the buyers remain more in control.

Closer risk just for trade would be the Monday high price at 143.10.

The GBPJPY is higher vs all the major currencies today with the exception on the CHF