The GBPJPY maintained a bearish momentum yesterday , topped at the 170.08 levels and bottomed at the 168.82 levels . Now pressure will be on the key support 168.82.
The GBPJPY will have to hold below the 168.82 levels on a daily closing basis to push the market for further downside losses, If seen , It will target the 168.00 levels where a breach will turn focus on the 166.90 levels , more losses will aim the 165.70 levels.
Alternatively, a failure to hold below the 168.82 levels could mean a return to the 170.08 levels , a halt is likely , but break of 170.08 on a daily basis , will confirm bottoming at the 168.82 levels , If seen , the pair will recapture the 171.87 levels , break of 171.87 will open 173.64 , above the 173.64 will aim the 174.83 levels.
In all , as long as 170.08 holds on a daily basis , the GBPJPY will remain based to the downside towards the 168.82 levels. break of 170.08 will reverse risks to the upside towards the 171.87/173.64 levels.