Over the twoweeks, the Pound Yen has finally broken above the 142.000 levels after multiple instances of struggling at the level. Now it finds itself poised to struggle at the key level of 145.000. Bulls took control of the market on Thursday, January 29, in order to solidify the position above the previous resistance.
The bullish move comes in as the “risk on sentiment” comes back into play. After the breakout to the upside, the pair pulled back into the support and continued upward. As the 200-day EMA continues to rise into the 142.000 levels, we may see strengthened support for this uptrend.
As traders eye this pair, they may be looking for another dip before buying in. This may cause the pair to continue its bullish trend upward and reach new highs. Should the 145.000 level break, we will see an initial target at the following 146.000 levels.