The GBP/JPY pair has been rising aggressively since the 8th of July 2015. The buyers exerted strong pressures that pushed the pair upwards, from as low as 185.26 to as high as 193.17.
The price is testing at the moment the resistance level of 193.17, marking a possible retracement to the downside. In the event where the sellers overcome buyers in terms of trading volume, the price could decline to 191.28 and 190.09 respectively.
In the opposite scenario, where the bulls continue their trading activity, the price could break above 193.17 and resume escalating up to 195.75.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.