The GBPJPY continued its bullish momentum last week, bottomed at the 184.56 levels and topped at the 188.61 levels, but closed below critical weekly resistance 187.80 . However; the GBPJPY will have to retake the 187.80 levels on a weekly closing basis to avoid risk of a return to the downside, If price failure occurs around 187.80, Immediate support comes at the 186.00 levels ahead of the 184.56 levels where halt is likely, however; a cut through the 186.00/184.56 levels will suggest short term topping and bring consolidation above the 178.75/180.95 levels before the next rise..
On the upside, sustained breakout-weekly closing- above the 187.80 levels will have large bullish implications towards the 197.00/200.00 levels, however; If seen; It will expose the 189.70 levels and target the 193.00 levels, a halt is very likely, but further upside will pave the way towards the 197.00 levels ahead of the 200.00 levels.
In all, the GBPJPY is likely to consolidate within 184.56/187.79 range before attacking 197.00/200.00 levels , below 184.56 will extend the pullback towards the 178.75/180.95 levels before the next rise..
