GBP/JPY recently broke the Flag chart pattern that was previously identified by Autochartist on the hourly charts – as you can see from the following trade alert for this currency pair. GBP/JPY is expected to reach the target level 172.91 in the next 14 hours. This Flag breakout follows the earlier sharp downward reversal from the strong resistance zone surrounding the resistance level 174.00. This resistance zone has reversed the pair down multiple times from last December (as you can see on the second chart below). The downward-sloping moving average confirms this forecast.
The weekly GBP/JPY chart below shows the previous price action near the resistance level 174.00: