GBPJPY – On the daily chart. We can see that the pair has been in a downtrend since 19th November. We can also see that the pair is currently being supported by a trendline and price have been hovering around that area since last week.

If the pair is supported at the current level, we can expect a retracement back up in an ABC fashion. Upside will be limited unless the pink down trend line is breached and the pair closes above it.

Beyond that and we have 188 zone acting as major resistance.

~ Cheers!

Ardy Ismail