GBP/JPY Technical Analysis: Diamond pattern on hourly chart

GBGBP/JPY’s consolidation in the range of 147.00-149.00 has taken the shape of a diamond pattern on the hourly chart. A break above the upper edge of the diamond, currently at 148.00, would signal a resumption of the rally from the lows near 145.00 and could yield a break above 150.00.

A break below the lower edge, currently at 147.66, could yield a pullback to the rising trendline support at 147.19. As of writing, the pair is trading at 147.83.