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GBPJPY: With the cross extending its weakness the past week, further decline is envisaged in the new week. However, following the mentioned weakness it should trigger a corrective recovery in the new week.

On the downside, support comes in at the 175.83 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower supporting this view.

On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term.

GBPJPY Technical analysis January 2015