GBPJPY: The cross is closing in on its key resistance at the 187.68/00 levels after closing strongly higher on Monday. This upside view is consistent with its short term recovery triggered off the 184.26 level on Nov 06 2015. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level. Conversely, resistance is seen at the 187.68 level followed by the 188.00 level. A cut through that level will set the stage for a move further higher towards the 189.00 level. Further out, resistance resides at the 190.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, with GBPJPY up against the 187.68-188.00 levels, a break of that level will open the door for more strength.
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