GBPJPY: With the cross reversing its early intraday losses to strengthen on Monday, it faces further corrective recovery threats 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 bullish and pointing higher supporting this view. On the upside, resistance lies at the 179.00 level followed by the 179.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 181.00 level. All in all, the cross remains biased to the downside short term.
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