The GBPJPY has beaten the downward trend line running from this year’s highs and stays above it for four weeks in a row. In addition, the price in the same week in which it came to the breakout reached the resistance at 149.30.
I indicated this level as the first goal in the last analysis. As you can see in the weekly chart below, the buyers have tested it again last week and also try to defeat it in the current one. Closing the week above the area at 149.30 / 70 would open the way for further increases towards 153.40.
On the other hand, respecting the demand level may soon make the local area near 147.00 re-tested. Its defeating will then reveal horizontal support at 145.50 and a broken trend line that can now act as support.