GBP/JPY Faces Bear Threats With Caution
FXTechstrategy Team | Oct 04, 2015 12:18AM ET
The GBP/JPY cross may remain weak and vulnerable to the downside but could head higher while holding above the 180.22/33 support area. Bull pressure is envisaged above that zone. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Conversely, resistance is seen at the 183.00 level followed by the 184.00 level. A cut through will set the stage for a move further higher towards the 185.00 level where a break will aim at the 186.00 level. A cut through here will aim at the 187.00 level. All in all, the cross remains biased to the downside, but may struggle.
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