The GBPJPY maintained a bearish momentum last week , topped at the 172.86 levels and bottomed at the 167.93 levels . Now pressure will be on the key support 167.93.
The GBPJPY will have to hold below the 167.93 levels on a weekly closing basis to push the market for further downside losses , If seen , It will target the 166.00 levels where a breach will turn focus on the 163.55 levels , more losses will aim the 161.00 levels.
On the upside , a failure to hold below the 167.93 levels could mean a return to the 171.60 levels , break of 171.60 would challenge main resistance on weekly at the 172.86 levels . If this important resistance is taken out , the pair will recapture 174.83 levels , break of 174.83 will open 176.30 levels , more gains will aim the 180.00 levels.
In all , as long as resistance 172.83 holds , the GBPJPY will remain based to the downside towards the 166.00 / 163.55 levels , sustained trading above 172.86 – or a rejection on daily chart above the 167.93 – will pave the way towards the 174.83 levels ahead of the 176.30 levels.