GBPJPY trades in a steep upward trend


The Japanese Yen has been under severe selling pressure during this week and the USDJPY pair gained 200 pips on Tuesday, with the bullish momentum in JPY crosses continuing on Wednesday as well.

The GBPJPY cross was seen 0.4% higher during the London session, trading at around 137.00, which are levels last seen three months ago. 

The cross is now trading above the steep uptrend line, which started this week. Therefore, the short-term outlook still seems bullish. However, the price is up 500 pips in three days without any meaningful consolidation/correction and steep movements like this usually end up in a correction. 

The support of the trend line is currently near 136.20 and if the price declines below this trendline, we could see a quick retracement toward 135.00.

The resistance is at today's highs of 137.00 and if the Pound jumps above this level, we could see further gains toward 138.00.
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