Daily analysis of GBP/JPY for December 23, 2015 Market Analysis Review

Overview

GBP/JPY's fall is still in progress and intraday bias remains on the downside. As was noted before, the fall from 195.86 has just resumed and will target the key support level of 174.86 . A break will indicate a larger trend reversal. On the upside, above the minor resistance of 182.12, the bias will turn neutral and bring consolidations first. The breach of the medium-term support is taken as a sign of the trend reversal. This is supported by a bearish divergence condition in the weekly MACD. Also, 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 the 200 psychological level. 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'll be cautious on the strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 178.79; (P) 179.70; (R1) 180.38;

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