GBPJPY Daily Outlook

The GBPJPY bullish momentum was paused on Friday. On daily chart below we can see that after the bullish power paused, the pair was traded lower early today in Asian market. The bias is bearish in nearest term but we seem to have good support around 160.40 area. Break below that area should trigger further bearish correction towards 159.20. Initial resistance at 162.57 (Friday’s high). Break above that area could trigger further bullish continuation. CCI about to cross the 100 line down on daily chart suggesting potential downside pressure.

GBPJPY Daily Supports and Resistances:

S1= 160.50

S2= 159.43

S3= 158.40

R1= 162.60

R2= 163.63

R3= 164.70