The British pound currency has started to fall against the Japanese yen after being forcefully rejected from the 155.00 area last week. The four-hour time frame shows that the GBJPY pair fell because the pair reversed from the top of a large descending broadening wedge pattern. If GBPJPY bulls can move the pair above the 155.00 level this week then a rally towards the 158.00 level is possible.
The GBPJPY pair is only bullish while trading above the 154.10 level, key resistance is found at the 155.00 and the 158.00 levels.
If the GBPJPY pair trades below the 154.10 level, sellers may test the 153.10 and 152.80 support levels.
