The GBPJPY continued its bullish momentum yesterday , printed support at the 182.60 levels . This development leaves the pair targeting the 186.30 levels , a halt is likely , but a break would open 187.80 next , further upside will target the 190.00 levels..
On the downside , a failure to hold above the 184.01 levels on a daily closing basis , could mean a return to the 182.60 levels , a halt is likely , but losing the 182.60 levels on a daily closing basis will turn outlook neutral and bring a corrective pullback above the 180.39/181.57 levels before the next possible rise..
In all , as long as 182.60 support holds on a daily closing basis , outlook in GBPJPY remains on the upside towards the 186.30 levels ahead of the 187.80 levels , below 182.60 will reverse risk towards the 180.39/181.57 levels before the next possible rise..
Note that break of the 184.01 levels on a daily closing basis , will make 184.01 serve as strong support level…..