Overview
Outlook for GBP/JPY has not changed. Sideways consolidation from 180.36 is still in progress and further recovery might be seen. However, strong resistance is expected at 188.28 to limit the upside to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and should then target a test at the 174.86 key support level. GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67
Daily Pivots: (S1) 183.79, (P) 184.25, (R1) 184.87
