GBPJPY is taking off with other JPY pairs
The GBPJPY is also surging higher with the surge in the USDJPY and EURJPY (well all JPY pairs ar on the run).
Technically, the pair surged above it's 100 bar MA on the 4-hour chart at 142.79. Back at the beginning of the month, that MA helped to stall the corrective rally. The price has also moved above the 50% of the move down from the May 2017 high at 143.38.
We are now targeting the June high at 143.942. We just traded up to 143.856.
Looking at the 5-minute chart below, the last hour has seen an acceleration of the move higher (above the topside channel trend line). The market is getting overbought BUT respect the trend until it tells you otherwise. Where does the price action start to lose some momentum? It could start to stall against the June high at 143.942. Alternatively, a move back into the channel might stall the momentum. Even then it may just turn the bias more sideways, but it is a potential clue that there could be more of a battle between buyers and sellers.
