GBP/JPY Price Analysis: Rolls over after touching multi-year highs above 200

GBP/JPY rallies up to 200.65 on Monday just short of multi-year highs (May 29) and then pulls back.

GBP/JPY pulls back after retouching multi-year highs. The trend is bullish so the pull back is not expected to last before the uptrend resumes. Intervention by the Japanese authorities is a risk factor that could push GBP/JPY lower. GBP/JPY rallies up to 200.65 on Monday just short of multi-year highs and then pulls back. Despite correcting back down to the 199.

40. Given the dominant uptrend, however, bulls are expected to turn things around once the correction runs out of steam and pushes the pair higher again. The only sign the pull back may be ending is the formation of a bullish Japanese Hammer candlestick reversal candlestick on the last bar. This occurs when price makes a new low but then recovers to close near the open.

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