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    Daily analysis of GBP/JPY for October 06, 2015

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    Overview

    GBP/JPY lost momentum ahead of the 180.36 low and turned to sideways trading. Initial bias is turned neutral this week. On the downside, a break of the 180.36 support will make the whole fall from 195.86 resume and will target a test of the 174.86 key support level. On the upside, above 184.41, resistance will extend sideways trading from 180.36 with another rise. In the longer term, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet, but even is case of another rise, strong resistance would be likely to be seen near at 61.8% retracement of 251.09 to 116.83 at 199.80.

    Daily Pivots: (S1) 181.78; (P) 182.48; (R1) 183.12;


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