Pound Yen and the outlook
Analyzing GBP/JPY
On Friday, the GBPJPY fell slightly, bouncing off the upper boundary of the symmetrical triangle near 211.40 levels.
The pair is trying to reach the lower boundary of this triangle to consolidate before continuing to rise again, which will be near the levels of the uptrend on the four-hour chart.
The pair's best buying zones are near the 210.55/40 levels 211.40, then 212.50 and finally 213.50.
This scenario will fail if the uptrend levels are broken and close below at least a 4-hour candle, then we expect a further decline to the next buying levels near 209.00 to 208.80 levels.
