GBPJPY: Sees Price Hesitation Below 187.80 levels!


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..


GBPJPY_ Sees Price Hesitation Below 187_80 levels !