Daily analysis of GBP/JPY for December 14, 2015 Market Analysis Review

Overview

A fall from 188.79 is expected to extend lower with resistance 186.33 remaining intact. As noted before, a consolidation pattern from 180.36 was completed at 188.79 and a deeper decline should be seen back to the support zone of 180.36/64. Nonetheless, a break of minor resistance at 186.33 would now dampen our bearish view and turn focus back to 188.79. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout of 174.86 will confirm 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'll be cautious on strong resistance from 199.80/200.00.

Daily Pivots: (S1) 183.37; (P) 184.21; (R1) 184.86;

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