Daily analysis of GBP/JPY for October 26, 2015 Market Analysis Review

Overview

According to the shown H4 chart, we can notice that there is no change in the outlook for GBP/JPY as a sideways consolidation from 180.36 continued last week. Further recovery might be seen. But strong resistance is expected at 188.28 to limit upside to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and then will target a test at the 174.86 key support level. In the longer-term picture, the uptrend could be topping from the 116.83 long-term bottom. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 185.35; (P) 185.82; (R1) 186.40

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