Overview

GBP/JPY recovered from 180.64. It is still performing a sideways consolidation at 180.36. Initial bias is neutral this week. A further rise could be seen, but strong resistance at at the level of 188.28 is expected to limit the consolidation. A breakout of 180.36 will extend the fall from 195.86 and should target a test at the key support level of 174.86. In the longer term, an uptrend from a long-term bottom at 116.83 could be topping. There is no confirmation yet, but even is case of another rise, strong resistance is seen near 61.8% retracement of 251.09 to 116.83 at 199.80.