GBP/JPY - next break 175.80
In longer term, there is an uptrend at GBP/JPY; however, current price behaviour shows that right now, correction may be deeper. For 3 years GBP/JPY moved in an upward trend and in this particular time it gained 50% of its value.
For this year's holidays, situation looks worse. Price didn't established new highs. Last week was very important for further direction of price movement. In last week, price broke below support from August. Today supply continued its downward rally and reached 8-months low. Nearest support is 177.60 level. However, stronger support, which should make rebound, is at 175.80 level. Alternatively, if rebound occurs, resistances are located at levels: 180.60, 184.20, 187.40.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.