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GBPJPY: Weakens, Follows Through Lower

GBPJPY: GBPJPY followed through lower on the back of its Monday weakness during Tuesday trading session. This leaves the risk of more weakness. On the downside, support comes in at the 189.00 level where a violation will aim at the 188.00 level. A break below here will target the 187.00 level followed by the 186.00 level. On the upside, resistance lies at the 192.00 level followed by the 193.00 level where a break will aim at the 193.50 level. A cut through here will aim at the 194.00 level. Further out, the 194.50 level comes in as the next resistance. All in all, the cross remains biased to the upside long term but faces bear threats.

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