GBPJPY Chart Technical Outlook holds within a bullish channel formation
The cross continues to trend higher within a bullish channel formation. We post higher highs and higher lows keeping the positive sentiment intact. We are approaching a 261.8% extension level at 208.76. Solid support is located between 206.20 and 206.00. In conclusion, trying to pick tops in YEN crosses has been an expensive hobby. I would look for a clear break of sentiment before shorting. Correlation analysis does suggest limited buying pressure in US indices. We could be coming towards the end of the trend.
