GBP/JPY Price Analysis: Bulls eye 175.00 on a break of critical resistance

GBP/JPY bulls are pressing up against counter-trendline resistance.
A break of there would open risk to 175.00.

Ross J Burland FXStreet

GBP/JPY is trading around 172.40 at the time of writing with the price moving up from a low of 171.68 to a high of 172.45 so far. GBPJPY is testing the top of the box, as illustrated below. There are prospects of a breakout of the zone, one way or the other, with the upside bias currently in play.

GBP/JPY H4 chart

A break of 172.80 opens the risk of an upside continuation:

GBP/JPY weekly charts

However, the upside could be limited to the counter-trendline resistance. On the other hand, a break of here would open risk to 175.00.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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