GBP/JPY To 147.50 then decline?
GBP/JPY edging higher to a major zone: 147.50, continuously respecting H4 key levels with the most recent higher low point: 145.80 being the most significant.
The highlighted region (Green) is a major area for a potential sell-off, a huge one at that. Yesterday's daily closure (Monday) proved to be relatively weak, however, the momentum remains above the moving averages so it is advised to sit on the hands until the price on the H4 timeframe shows a sign of reversal or a break of 147.50.
Sterling is at a huge decision point across the board with today's fundamental announcement pushing the price higher (GBP/USD + GBP/JPY). Both pairs stall around daily resistance levels with a huge potential for a downfall over the next few days. I advise traders to monitor the H4 timeframe alongside the Daily for the highest probability trade setup from the given levels.