GBJPY currency pair is in a short-term uptrend within which appeared a correction. From the maximum of the last pulse was led growth trend line, which was the determinant of the mentioned correction.
Last week trend line was broken, and the rate rose to resistance near 144.77. There was a rebound, and the price returned to the vicinity of the trend line, which now provides support.
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Another bullish move after successful test of new support can lead to break resistance at 144.77, which would be confirmation of adjustments completion. A further target for potential growth will be then high from December last year at the level of 148.44.
Alternatively, closing below yesterday’s lows negate the pro-growth attitude on GBPJPY.
