GBPJPY: The cross now faces further weakness after turning lower ahead of its key overhead resistance at 184.42 level during Thursday trading session. Our bias remains lower as long as that level remains unbroken. On the downside, support comes in at the 182.50 level where a violation will aim at the 182.00 level. A break below here will target the 181.00 level followed by the 180.00 level.
Its daily RSI is turning lower supporting this view. Conversely, resistance is seen at the 184.00 level followed by the 185.00 level. A cut through will set the stage for a move further higher towards the 186.00 level where a break will aim at the 187.00 level. A cut through here will aim at the 188.00 level. All in all, the cross remains biased to the downside nearer term on pullback.
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