Daily analysis of GBP/JPY for December 11, 2015 Market Analysis Review

Overview

A break of the 183.96 temporary low indicates resumption of a fall from 188.79 and intraday bias is turned back to the downside. Overall, we are still favoring the scenario that the consolidation pattern from 180.36 has been completed at 188.79. A deeper decline to the 180.36/64 support zone would be seen. Nevertheless, a break of the 186.33 minor resistance would now dampen our bearish view and turn the focus back to 188.79 instead. 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. In case of another rise, we will be cautious about the strong resistance at 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 185.34; (P) 185.84; (R1) 186.21

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