Recommendations: LONG positions above 170.00 with 172.40 & 173.15 as next targets.
Alternative scenario:The downside breakout of 170.00 will open 169.20/168.40 levels.
Description: Initial bias is neutral this week for GBPJPY pair, main support comes at the 170.00 levels , stability above this level on a 4 hour closing basis would build pressure on the 173.15 levels , at this point we might see hesitation around this area, but break of 173.15 would open 174.00 ahead of 174.80 levels. On the downside ; stability below 170.00 on a 4 hour basis will target 169.20 where a breach will turn focus on the 168.40 levels…
Support and resistance : 167.60, 168.40,169.20,170.00 (Pivot) , 170.80 , 171.60 ,172.40 , 173.20,174.00