GBPJPY: With the cross weakening following its failed intra attempts on the upside, we see further weakness in the days ahead. This view remains valid while the 187.31/47 zone remains as resistance. On the downside, support comes in at the 183.50 level where a violation will aim at the 182.50 level. A break below here will target the 182.00 level followed by the 181.00 level.
Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance resides at 185.00 level with breach targeting further strength towards the 186.00 level. A cut through here will set the stage for a move further higher towards the 187.00 level where a break will aim at the 188.00 level. A turn above here will aim at the 189.00 level. All in all, the cross faces downside threats below its key resistance zone.
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