The GBP/JPY has been mostly ranging the last couple of days showing vertical price movement with a potential breakout from the consolidation triangle. There are 2 potential scenarios.
If the price breaks out above 38.2 and upper triangle trend line -150.86 then we might expect a breakout to D H3 -151.05 and above W H3/D H4 -151.40 zone. Above 151.40 we could see a breakout towards 152.16 zones. Breakout below 61.8 and lower trend line might get to W L1 150.44 D L3 150.29 potentially reaching W L3/D L4 144.90 zone.If it happens, the price will be trapped into the Andrew’s Pitchfork again that will turn the trend bearish.