GBPJPY: Closes Lower, Eyes More Weakness

16 December 2017, 01:51

GBPJPY: The cross closed lower the past week leaving risk of more weakness on the cards. On the downside, support comes in at the 149.50 level where a violation will aim at the 149.00 level. A break below here will target the 148.50 level followed by the 148.00 level. Conversely, resistance is seen at the 150.50 level followed by the 151.00 level. A cut through that level will set the stage for a move further higher towards the 151.50 level. Further out, resistance resides at the 152.00 level. All in all, GBPJPY remains biased to the downside nearer term.

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