GBPJPY - Consolidation before continuation or is a correction in store?
I'm posting the 1 hour chart first. We can see price was initially rejected from 141.5 and then we see 140.6 being a key level that bulls couldn't hold as support after a short break above and also acted as resistance.
I will post the weekly chart in the comments. You will see that price is currently at a level with many weekly candle closes, confirming strong resistance level above.
The lower blue trend line was drawn from the weekly chart. The break above may act as support.
I also have been watching an equal weighted GBP index and it's showing similar signs of hitting strong resistance.