GBP/JPY: Vulnerable, Risk Points Lower
04/10/2015 9:00 am EST
Forex technical strategist Mohammed Isah, of FXTechStrategy.com, highlights this currency pair that turned lower after losing its intraday strength on Thursday and points out why he is considering a move even further lower for the days ahead.
GBP/JPY: Having GBP/JPY turned lower after losing its intraday strength, a move further lower is now envisaged in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 178.50 level followed by the 179.50 level where a break will aim at the 180.50 level. A cut through here will aim at the 181.50 level. All in all, the cross remains biased to the downside in price weakness in the short-term.
By Mohammed Isah, Forex Technical Strategist and Head of Research, FXTechStrategy.com