GBPJPY: Triggers Correction
GBPJPY – Having capped its gains and turned lower on Thursday, more corrective decline is envisaged. Resistance stands at the 173.57 level where a decisive violation will aim at the 174.84 level, its Jan 2014 high. A break of here will target further upside. Further out, resistance resides at the 175.50 level with a cut through here aiming at the 176.50 level . On the other hand, support lies at the 172.00 level and then the 171.14 level and then the 170.00 level where a breach if seen will target the 169.12 level and then the 168.00 level. All in all, the cross remains biased to the upside.
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