GBPJPY Trying to Cancel Triple Top Pattern

GBPJPY Trying to Cancel Triple Top Pattern
The GBPJPY cross traded somewhat lower on Thursday, hovering below the 157 level as bulls will likely try again to push the price above the current triple top formation.
Earlier in the day, Japanese machinery orders more than halved to 5.1% year-on-year, down from 11.6% previously, but the monthly change improved slightly to 3.6% in December versus 3.4% previously.

Moreover, In its February economic assessment report, the Japanese government reduced the overall view of the economy for the first time in five months in the face of the Omicron covid variant outbreaks.

The kye resistance now stands in the 158 region, where the cross has failed multiple times already. Large stop-losses are expected above that level. If bulls push the Pound above it, we could see a robust impulsive move toward 160.

Short-term support could be at the 50-day moving average, currently near 155 (the purple line). 

The daily chart looks a bit overbought, and considering the recent negative sentiment in the markets, converged with the presence of a significant resistance might lead to a slight correction over the following days.
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