The British pound is undergoing a price pullback against the Japanese yen currency, however, it could provide a solid dip-buying opportunity. Higher time frame analysis shows that a bearish head and shoulders pattern with a 500 point target has recently been invalidated. According to the overall size of the invalidated head and shoulders pattern the GBPJPY pair could rally towards the 158.00 area.
The GBPJPY pair is only bullish while trading above the 154.70 level, key resistance is found at the 155.80 and the 158.00 levels.
If the GBPJPY pair trades below the 154.70, sellers may test the 154.00 and 153.40 support levels.
