GBP/JPY Has Almost Reached the Resistance at 163.20

GBP/JPY had reached the resistance at 161.90 – 162.00 and the pair briefly bounced off of it, but that did not last long because today it broke above that level and continued rising. It will likely soon reach the next level of resistance at 163.20, and if it breaks above it, it will probably continue climbing towards the previous high at 164.10. From then on, there are two possible scenarios – either the pair will break above the aforementioned previous high and it will continue rising towards the resistance at 165.40, which can be seen on the weekly time-frame, or it will bounce off 164.10 to fall back to test the support at 157.00.