GBPJPY 


The daily chart shows that the current upside move has been confirmed.


In order to reignite the up-trend, the market needs to close above 167.48.


Charts courtesy of Tradingview



Update:


With the GBP/JPY pair trading near the 50-day sma at 166.74, and the weekly stochastic just above the overbought threshold of 80, the overall risk to the market is to the downside. Look for the weekend low around 163.15. The next technical target is down towards the 100-day sma at 162.32. A break and close below the daily moving average would signal a potential downtrend.


Happy Pips!