GBPJPY – Although another failed attempt on the upside saw it closing marginally lower, GBPJPY continues to hold on to its broader upside in the medium. However, the cross requires a return to the 151.74 level to trigger its correction further possibly towards the 154.15 level.
Above here could push it further towards the 156.78 level where a break will resume its broader medium term uptrend towards the 158.00 level. However, the risk to this analysis is for the cross to reverse its corrective bias and return to the 147.10 level.
Further down, support stands at the 146.00 level with a beak of here turning attention to the 145.00 level. All in all, the cross remains biased to the downside on bear threats.
Guest post by FXTechstrategy Team
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