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GBP/JPY Testing a 2-week Range Resistance

The GBP/JPY has been consolidating in a range between 167.76 and 169.71 for about 2-weeks. This week's price action is pushing the pair towards the range resistance.


(GBP/JPY 4H chart)

Bullish break:
If the GBP/JPY pushes above 169.75, it opens up the 61.8% retracement at 171.35. 171.45-171.65 is also a resistance pivot area. The size of the range projected in the direction of the bullish breakout also projects to this area.

Bearish break:
If the GBP/JPY fails to clear 169.75, and instead falls below 167.75, the next key pivot will be around 166, with further downside risk towards the 163.80, 2014 low.