An upside test in the GBPJPY cross looks imminent as the price action presents limited upside potential heading into the Asian session. With heavier resistance at the 220.75 figure, bulls will have to break through current ceilings at the 25-hour simple moving average in order to sustain enough momentum to break a downward sliding trendline beginning at the end of the month in the 60-minute shot. The notion would see a possible retest at the 220.25 support. Stochastic is confirming the notion as the oscillator approaches the overbought barrier. However, should the 220.75 resistance be broken through, the textbook flag formation would be complete, purporting a move above the 221.00 handle and negating the previous.
