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  • The GBP/JPY bulls struggle to establish a foothold above 141.00. 
  • The Jan. 5 low is the level to beat for the bears. 

GBP/JPY trades near 140.70 at press time, having clocked a high of 140.95 early Monday. 

The daily chart shows 141.00 is the level to beat for the bulls. The pair has failed at least four times to keep gains above that level over the past two weeks. 

A 4-hour close higher would signal a continuation of the rally from the September low of 133.00 and open the doors for 142.71 (Sept. 1 high). 

The bias would turn bearish if the pair finds acceptance under the higher low of 139.51 created on Jan. 5.

Daily chart

Trend: Neutral

Technical levels