GBPJPY Correction Possible

The British pound currency could correct lower against the Japanese yen as a multi-week uptrend in the pair is showing signs of exhaustion. The four-hour time frame shows that the GBPJPY pair have formed negative price divergence on the Relative Strength Index down towards the 153.40 price area. Sustained weakness below the 154.70 level is likely to be a bearish signal for the GBPJPY pair.

The GBPJPY pair is only bullish while trading above the 154.70 level, key resistance is found at the 155.30 and the 155.80 levels. If the GBPJPY pair trades below the 154.70 level, sellers may test the 154.00 and 153.15 support levels.

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