The GBP/JPY pair has been ranging between the levels of 192.03 and 194.29, since the 14th of July 2015.
The currency pair has recently stabilised above 193.64 and below 193.95, signalling that the bearish pressures might become more tensed. In the scenario where the price touches the resistance level of 194.29, the sellers could force the price down to 192.03 and 190.52 respectively.
Alternatively, in the event where the buyers succeed in overpowering sellers and attempt a successful break above the level of 195.04, the price could escalate up to 197.65.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.