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    Daily analysis of GBP/JPY for October 22, 2015

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    Overview

    An outlook for GBP/JPY remains unchanged. A sideways consolidation from 180.36 is still in progress and further recovery might be seen. But strong resistance

    at 188.28 is expected to limit upside to finish the consolidation. A breakout of 180.36 will extend the whole fall from 195.86. Then, it should target a test at the key support level of 174.86. GBP/JPY was close to key cluster resistance at 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm 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 should be cautious as strong resistance at 199.80/200.00 will bring reversal.

    Daily Pivots: (S1) 184.57; (P) 185.06; (R1) 185.40;


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