GBPJPY Weekly Forecast 20 – 24 Jan (Under Pressure )
Recommendations: SHORT positions below 171.65 with 168.33 & 166.57 as next targets.
Alternative scenario:The upside breakout of 171.65 will bring rebound to 173.12/174.83.
Description: Outlook in GBPJPY is cautiously on the downside this week with risk towards 168.33 ahead of 166.57 levels as long as resistance 171.65 holds on a daily closing basis, note that losing the key support 168.33 is likely to accelerate the expected bearish move towards 166.57 levels, further break will aim the 165.27 levels .On the upside break of 171.65 would turn outlook neutral and bring rebound towards 173.12/ 174.83 levels before the next possible fall ,break of 174.65 would turn outlook bullish and open 176.65/178.90 levels.
Support & Resistance : 165.27 , 166.57 , 168.33 , 171.65 (Pivot) , 173.12 , 174.83 , 176.65