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    Daily analysis of GBP/JPY for October 23, 2015

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    Overview

    Outlook for GBP/JPY has not changed. A sideways consolidation from 180.36 is still in progress and further recovery might be seen. Strong resistance is expected at 188.28 to limit upside to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and then target a test at the 174.86 key support level. A break of 174.86 will confirm a 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 will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

    Daily Pivots: (S1) 184.86; (P) 185.38; (R1) 186.27


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