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    Technical Analysis – GBPJPY neutral bias, testing cloud top

    GBPJPY has a neutral bias and is consolidating in the Ichimoku cloud. There is strong resistance by the 38.2% Fibonacci (of the rise from 174.86 – 195.87) and the top of the cloud, around 187.84.

    A fall below 180.37 (September 7 low) will turn bias to the downside and to open the way to retest the 174.86 low (April 14). But with RSI in bullish territory above 50 and the tenkan-sen above the kijun-sen, the bearish signals are weak. Short term outlook remains neutral. A decisive move above the top of the cloud will shift the bias to bullish.

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