Recommendations: SHORT positions below 169.75 with 166.00/164.00 as next targets.
Alternative scenario:The upside breakout of 169.75 will open 171.45/172.30 levels.
Description: Outlook in GBPJPY is neutral with risk to the downside towards 166.00 ahead of 164.00 levels as long as resistance 169.75 holds on a daily closing basis,losing the 164.00 levels would open 164.75/160.40 next. On the upside , break of 169.75 will signal short term bottoming and reverse risks towards the 171.45/172.30 levels where a breach will turn focus on the 174.00 levels.
Support & Resistance : 160.40 , 161.74,163.85 , 166.00 , 169.75 (Pivot), 171.65 , 173.65 , 174.83