The GBP/JPY last week peaked above the December high of 189.70, and for a time traded at its highest level since September 2008. But the pound sold off and subsequently the GBP/JPY fell back all the way to 187.85 before bouncing back. The cross has now recovered and it may go on to break out decisively at the second time of asking, particularly as the USD/JPY is also hitting fresh multi-year highs. The GBP/JPY has already formed a major reversal pattern (a double bottom/false breakdown) in mid-April around 175.50, a price level which we had covered in our report on April 13. In the subsequent report on GBP/JPY ... (full story)