Daily analysis of GBP/JPY for December 24, 2015 Market Analysis Review

Overview

The breach of 180.36 suggests the whole decline from 195.86 is resuming. An intraday bias is staying on the downside for the next 174.86 key support level. A break there will indicate a larger trend reversal. On the upside, above 182.12 minor resistance will turn into neutral bias and bring consolidations first. Besides, 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 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'll be cautious about strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 179.83; (P) 180.52; (R1) 181.10;

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