as we can see on the chart , the pair is trading under the level of 126.00 , any way if the pair succeeded in breaking 126.00 , it will continue in it's up movements heading to 126.50 and then 127.00 The GBP/JPY is also rallying in a channel, or perhaps a rising wedge seen in the 1H chart. the RSI has just tagged 70, and the price action just crossed the 200SMA.