FX:GBPJPY   British Pound / Japanese Yen
The parity price is testing right now the upper band of the descending channel formation. If the price decides to stay inside of the formation, it means the bounce off to 100-moving averages at 145.80 and then to 145.00 level. If the sterling is strong enough to press yen, the price will jump over the band and reaches 147.70 level and then 148.60 – 148.80 area.
Comment: The parity price pierced the upper band of the formation and is testing the decisive area at 148.60 – 148.80. The further upward movement would aim the price at the direction of 153.00 level. Otherwise, the break out would be false and we will see the retracement to the formation.
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