GBP/JPY Price Analysis: Bulls moving in on a wall of weekly resistance

• GBP/JPY moves further into weekly supply, but prospects of a daily upside extension on the cards.
• Failures on the upside open risk back to a weekly 38.2% Fibo retracement.

As per this week’s,  The Watchlist: GBP/JPY, EUR/USD, CHF/JPY and more setups in the making, GBP/JPY moved to the target, albeit in a drawn-out grind to the upside, stalling initially at a -272% target before pulling back to support only to move higher again.  

Prior analysis

Live market

Worst case scenario, the trade would have been a breakeven scenario or a 1:2 risk to reward and winning outcome.  

Meanwhile, there are prospects of an upside continuation from a daily perspective, albeit against a wall of resistance according to the weekly chart and market structure.  

Daily chart

Weekly chart

Failures here open risk to a 38.2% Fibonacci retracement vs a wall of weekly resistance.