GBPJPY Sets Up To Weaken While Trading Below 187.68

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FXTechstrategyTeam
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FXTechstrategyTeam  

GBPJPY: The cross could be headed lower after failing to break and hold above its resistance at the 187.68 level. This development left the cross printing a rejection candle suggesting further bear pressure. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level. Conversely, resistance is seen at the 187.68 level followed by the 188.00 level. A cut through that level will set the stage for a move further higher towards the 189.00 level. Further out, resistance resides at the 190.00 level. All in all, the cross remains biased to the downside on price failure.

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