GBP/JPY Price Analysis: Bullish flag dominates until break of structure GBPJPY Technical Analysis
, the Japanese currency has indeed weakened and that is playing out through the crosses such as GBP/JPY. is now above an old resistance. However, the W-formation is a reversion pattern sp this could keep the pair hamstrung, stalling the advance. Also, there has been as surprise pick in Kazuo Ueda who was nominated as the Bank of Japan's next governor and market chatter suggests he’s a pragmatist rather than a hawk or a dove.
We have a potential topping pattern but the price needs to close sharply lower or it may otherwise be regarded as a bullish flag: If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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