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GBPJPY Loses Upside Steam, Bear Pressure Develops

GBPJPY: With the cross seeing weakness following a rejection candle print on Wednesday, further bearish momentum threat is envisaged. 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. Further out, a break above the 187.00 level will aim at the 188.00 level and subsequently the 189.00 level. On the downside, support comes in at the 184.00 level where a violation will turn focus to the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. All in all, the cross now faces downside threat having lost its upside momentum.

GBPJPYDaily

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