GBPJPY Bullish break of 172.13 would open 179.18

Crosses 658458 111

The GBPJPY maintained some bearish momentum the past few days , topped at the 172.13 levels and bottomed at the 168.50 levels, now pressure will be on the key resistance 172.13.

The GBPJPY will have to hold above the 172.13 levels on a daily closing basis to resume its upside offensive ,If seen It would target the 174.83 levels where a breach will turn focus on the 179.18 ahead of 181.35 levels.

Alternatively , a failure to hold above the 172.13 levels could mean a return to the 168.50 levels , a halt is suggested , but losing the 168.50 levels would weaken the current bullish run for retesting the 166.00 levels, at this point I’d expect strong support from 166.00 levels to contain any bearish move and bring reversal to the upside, losing the 166.00 levels on a daily closing basis will terminate the current bullish run and bring  free fall towards 159.42/157.92  levels.

In all , the GBPJPY is likely to retain to its medium term upside bias as long as  support 166.00 holds on a daily closing basis , below this level will reverse risks to the downside towards 159.00 levels.


GBPJPY Bullish _break of 172_13 would open 179_18 levels




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