GBPJPY: Faces Consolidation Risk
GBPJPY: Having halted its weakness and closed marginally higher the past week, GBPJPY now faces consolidation of that move. Its now taking back some of its Friday strength during Monday trading session. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term but faces corrective recovery threats.
Forex Analysis by fxtechstrategy.com