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    Daily analysis of GBP/JPY for November 24, 2015

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    Overview

    The break of the 185/98 support argues that the consolidation pattern from 180.36 has completed at 188.79. Intraday bias is turned back to the downside for a test at the 180.36/64 support zone. The outlook will stay bearish as long as the 188.79 resistance holds even in case of recovery. Besides, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological 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) 185.25; (P) 186.11; (R1) 186.58


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