GBP/JPY bulls taking on the next leg of the quest for the weekly structure to the upside.
A weaker dollar has helped the pound to find its feet despite a longer-term bearish outlook.

Despite Brexit concerns, the pound has enjoyed a dose of dollar bearishness and UK investment in some 60 million vaccine doses headlines which have supported sentiment for sterling markets of late.

`Nevertheless, the technicals are stacking up for a bullish scenario on the below charts for which will be revealed in a top-down analysis in the cross as follows:

Monthly chart

The price has been rejected numerous times on the monthly structure and the monthly wick is a bullish scenario on lower time frames.

The weekly chart below shows that the price is travelling to a double top target area along a bullish trend line of supporting higher lows.

Daily chart

The bulls rallied through a resistance structure and now target break higher following a re-test of old resistance turns supporting structure.

The below chart how's that price was rejected at exactly a 61.8% Fib and the upside target is clearly defined by prior resistance looking left.

Reprinted from FXStreet.com，the copyright all reserved by the original author.

https://www.fxstreet.com/news/aud-jpy-price-analysis-ignores-downbeat-prints-of-second-tier-aussie-data-above-7500-202007300150

GBP/JPY Price Analysis: Bulls seeking a resistance structure target-zone, 138.70/139.70