FX.co ★ GBP/JPY heading towards new highs

GBP/JPY Ignores Former Highs!

The GBP/JPY resumed its uptrend after failing to retest the uptrend line and the 168.69 - 168.39 historical levels (upside obstacles). Now, it has ignored the 170.04 and 170.62 former highs, signaling strong buyers.

As long as it stays above the uptrend line, the GBP/JPY pair could approach and reach fresh highs. Stabilizing above the 168.69 - 168.39 zone (upside obstacle) indicated a potential upside continuation.

GBP/JPY Trading Conclusion!

Breaking above the 170.62 former high signals an upside continuation and is seen as a buying opportunity with a potential upside target at the 172.00 psychological level.