The GBPJPY maintained a bearish momentum yesterday , topped at the 171.65 levels and bottomed at the 168.33 levels, mow pressure will be on the key support 168.33.
The GBPJPY will have to hold below the 168.33 levels on a daily closing basis to push the market for further downside losses , If seen It will target the 166.55 levels where a breach will turn focus on the 164.30 levels, further out will aim the 161.80 levels.
Alternatively, a failure to hold below the 168.33 levels could mean a return to the 171.65 levels, a halt is suggested , but break of 171.65 on a daily basis would turn bias neutral and open 173.02 levels ahead of 174.87 levels , we might see hesitation around this area , but break of 174.87 will have large bullish implication towards 176.65 ahead of 178.90 , a breach will turn focus on the 181.40 levels.
Overall, the GBPJPY is likely to consolidate within 168.33 /174.83 range before the next breakout.
Trend Direction : Daily Chart (GMT + 2 )
- Above 173.87 : Bullish
- Below 173.87 : Neutral
- Below 171.65 : Bearish