Daily analysis of GBP/JPY for September 24, 2015 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains on the downside for the 103.36 support. A break will extend the whole fall from 195.86 to the 174.86 support. In case of recovery, risk will now stay on the downside as long as 188.28 holds. The break of the medium-term trendline support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in the weekly MACD. Besides, 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 200 psychological level. A break of 174.86 will confirm the trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we wiill be cautious of strong resistance from 199.80/200.00 to bring a reversal finally.

Daily Pivots: (S1) 182.60; (P) 183.62; (R1) 184.34

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