GBP/JPY has exploded higher in recent weeks, and based on the bullish pennant formation, it looks like the rally can continue.
However, the 161% extension of the most recent consolidation is coming into view at 168.15. An eagle-eyed trader in our community also pointed out the long-term 61.8% Fibonacci retracement is 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).
