GBPJPY: Bullish, Break Of 187.21 Will Retake 188.60!

As shown on the 4 hour chart posted below, the GBPJPY pair was rejected form daily chart support 186.03 , formed a bullish divergence, found resistance at the 187.21 levels.

On the upside, sustained breakout above the 187.21 levels will restore the upside momentum and recapture the 188.00/188.60 levels, a halt is likely but a break would target 190.00 levels.

Alternatively, a failure to hold gains above the 187.21 levels could mean a return to the 186.00 levels, a cut through the 186.00 levels will extend losses towards the 184.56 levels before the next possible rise..


GBPJPY_H4_May 20 2015