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GBP/JPY Trading at a Trendline Resistance

GBP/JPY is oscillating around the 171.50 level. You can see in the 4H chart that it is stalling at a falling trendline resistance coming down from the 173.45 May high. 

The trend was a choppy and bearish one in May, and we are starting June with a rally that is threatening this bearish mode. 


(gbpjpy 4h chart, 6/3)

A break above 172 would clear the trendline and a previous resistance pivot. The 172.70 and 173.45 highs will be in sight in this bullish scenario. 

However if price falls back below 170, especially if it fails to break 172, then pressure remains bearish in the short-term, and the 169.50 area would be back in focus. Below 169.40, traders open up the March low at 167.75.