The GBPJPY failed to hold above the key support 171.25 last week . This development has printed resistance at 172.98 levels. As a result ; outlook in GBPJPY has turned neutral .
On the downside , support comes at the 169.50 levels , a break would open 167.93 next , further downside will aim the 163.86 levels.
On the upside , resistance comes at the 171.21 , sustained trading – weekly closing – above this level will turn outlook for retesting the 172.98 levels , a halt is likely , but break of the 172.98 on a weekly basis will reverse risks to the upside towards the 174.83 levels and possible higher..
In all, the GBPJPY is likely to consolidate within 167.93/172.98 range before the next move….