Daily analysis of GBP/JPY for October 19, 2015 Market Analysis Review

Overview

Recovery of the GBP/JPY pair from 180.64 was rather weak. But in overall, it is still seen as being in sideways consolidation from 180.36. Initial bias stays neutral this week. A further rise could be seen but strong resistance at 188.28 is expected to limit upside finishing consolidation. A breakout at 180.36 will extend the whole fall from 195.86 and should then target a test at 174.86, which is the key support level. In the longer term, an uptrend from 116.83 long term bottom could be a top. There is no confirmation seen yet, but even is case of another rise, strong resistance is likely to be seen near 61.8% retracement of 251.09 to 116.83 at 199.80.

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