GBP/JPY continues to move sideways in the short term, so we'll have to wait for a fresh trading opportunity and for a clear direction. It was traded at 165.61 at the time of writing. It's trapped within a triangle pattern and inside of a range between 166.76 and 164.77 levels.
Escaping from these chart patterns could help us to identify new trading opportunities. In the short term, it could extend its sideways movement.
GBP/JPY Trading Conclusion!The triangle's downside line and 164.77 are seen as downside obstacles. Dropping and stabilizing below these support levels could confirm further drop towards new lows. This scenario could help the traders to sell the currency pair.
Jumping above the triangle's upside line and above the 166.76 former high may announce an upside continuation.