The GBPJPY this year is moving in a downward trend, as evidenced by the highs and lows which formed at lower and lower levels, and the presence of quotations under the downward trend line running from this year’s highs. After rebounding from the support at the round level of 140.00, the price went back to the resistance at 145.50. However, last week the resistance was defeated and the quotes went up to the trend line discussed at the beginning.The ongoing test of the trend line is now important. If the sellers manage to defend this level, it may turn out that the price will come back to the trend and will be once again directed to 140.00.If, however, the demand side takes over, after successfully breaking the trend line, the buyers could continue to raise the pound/yen to the resistance at 149.30, where the high of July is located.
