146.87 - The projected Target for GBP/JPY upside breakout.
The current consolidation range displayed.. which spreads 55 PIPs from top to bottom is the most important technical factor to remain focused upon at the moment for GBP/JPY.
Recently the pair broke back above the 145.00 monthly resistance level whilst printing two discreet candlesticks higher lows as price remains above the H4 moving averages. Price now trails sideways as sterling builds up potential buying power!
Daily resistance: 145.56 remains a solid barrier which the pair will have to break and close above in order for the projected target price to be reached. To be honest I am not remotely interested in a short setup on this pair at the present moment due to the current daily and weekly outlook... For me, selling would come with additional risks if 145.00 was to be broken as such price action may only be temporary.
146.87 is my projected target guys. I hope this chart is helpful! Let's await the result.