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  • GBP/JPY without clear signs in the short-term.
  • Break under 154.60 could clear the way to more losses.

The GBP/JPY is moving with mixed signs. It recently reached lower higher but, at the same time, failed to make higher highs. Price is trapped between two trendlines, and currently above the 21 moving average that stands at 155.00.

A slide under 155.00 should lead to a test of the uptrend line at 154.60. A consolidation under 154.60 would point to more losses ahead, targeting first 154.35 and then the area around 154.00.

The upside will likely continue to be limited while under 155.35/45, an area of a key resistance and also a downtrend line. A break higher would strengthen the pound, for a rally to 155.80; the last protection to 156.00.

GBP/JPY 4-hour chart