GBP/JPY: Breaks 200 day EMA

The Pound versus the Yen has kept a very good bullish trend during the last few weeks as shown on the daily chart and breaks above the 200 day exponential moving average or 200 day EMA, which is currently around the 141.23 level. After breaking above the 200 day EMA, the pair makes a high around the 145.22 level where it stalls and tries to pull back. In case of a pullback, the pair may touch the 200 day EMA again and complete a breakout and pullback pattern. But if it breaks below the 200 day EMA, then the 137.00 level could act as support. Below the 137.00 level, its next support could be the 131.00 level. The stochastics are consolidating at the over-bought zone, because while the price may continue rallying, the indicator is not able to break above the 100% level, therefore it just goes sideways.