Price has broken out through multiple resistance levels last week on the back of the new conservative majority. Thursday/Friday saw the fast money come in to the markets with heavy short term buying.
Price is now consolidating probably caused by profit taking on the speculation trades and the bigger buyers waiting to buy in to the continuation. I am long GBPJPY from 146.00 with a large stop loss and multiple targets.
You can see the consolidation on the 4hr timeframe chart with price being held up by the daily level, fib 0.382 and lower timeframe 50EMA.
I believe we could see GBPJPY at 155.00 by June 2020.
GBPJPY benefits from positive swap fees with GBP having an above zero interest rate and the Yen having negative interest. There for it pays to hold this trade with daily swaps being paid by my broker to me.