The GBPJPY was not able to hold back the demand side at 148.80. The buyers managed to successfully overcome this resistance and seem to continue the corrective movement after rebounding from support at 145.00 at the beginning of the current month.
As can be seen in the H4 chart below, the correction movement moves above the trend line running from the March minimums and tends to the next significant resistance near 150.80.
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It is also worth observing the reaction to the potential resistance in the form of an upper limit of the growth channel. If quotations are directed to this area today, which is very likely, because it results from the average daily range (for a period of 14 days), it is there that one can expect another, significant reaction of the supply side.
In case of declines the support can now be the resistance at 148.80 and the trend line discussed earlier. Only effective defeat of these two levels will open the seller’s way to the last low at 145.00.
