Today I wanted to bring to your attention the GBP/JPY, or A.K.A. as the "Guppy." The GBP/JPY has exploded higher in recent weeks and based on the bullish pennant formation, looks like the rally can continue. However, the 161% extension of the most recent consolidation is coming into view at 168.15. An eagle eye trader in our community also pointed out the long term 61.8% Fibonacci retracement also coming into view at 168.71. This "confluence" of levels may offer near term resistance with the RSI reaching very overbought. Expect dips back to the 164.70 level to find buyers (like me).
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