GBP/JPY in a Bullish Continuation Breakout Attempt

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GBP/JPY in a Bullish Continuation Breakout Attempt

GBP/JPY has had an interesting couple of months. Since a bullish breakout swing in September, it has fallen dramatically until finding support at 168 in October. It has since been rebounding sharply as well. Let’s take a look at the charts and see what assessment we can give the GBP/JPY

The dip from 180.70 high on the year down to the 168 level reversed the September breakout rally and thus suggests the rally was an exhaustion swing. This translates to a bearish outlook in the upcoming weeks. However, in the short-term, GBP/JPY just broke above a flag pattern and is signaling further bullish attempt toward the 175-175.38 area.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.