As we have mentioned in our Market view analysis, the GBPJPY cross being an isolated case has followed the the USDJPY appreciation for the past few days trading activity in line with the USD recovery. The 77.65-77.90 price range support has held well as the USDJPY accelerates to its current levels at 79.31.
A clear breakout from the consolidation range of 77.90-78.90 for the past couple of weeks. This has led the cross GBPJPY to keep pace while the GBPUSD have maintained a steadier-to-lower session-to-session bias price and after the UK slightly better unemployment report that came out. The current rally of the GBPJPY is seen at the current price of 124.27 after breaking its trendline resistance at the 122.50 as shown in the chart and maintained above the above 21Day moving average of 123.08 levels.The primary extensions to 125.50 is critical for the week if and whenever the USDJPY continues to rally above the 79.65-80.10
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