GBPJPY Breakout?

The GBPYJPY has seen some strong trends in the past and as a result of the 36% decline
in 2015-2016, price has been in a long-term period of consolidation.

This consolidation range is between 156.60 from the high of February 2018 and 124.78
which is the low of October 2016. Price has pretty much remained in this range.

The reason this forex pair has come to our attention is because price is retesting resistance.
When price tests support or resistance, there is always a chance of a breakout so we
want to remain ready just in case.

Price has been testing this resistance level since October 2021 so the buyers appear to be
persistent in getting price to break out.

Even if we have a breakout, we need to wait for confirmation before considering an entry.
Price first needs to breakout, pullback and then break out again. Until that happens, we
will stand aside from taking an enter.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.