Since two months GBPJPY moves in the range of 180.50 – 187.50. Since the beginning of October price continues the upward movement that began with the specified minimum. Today demand is testing resistance at 184.50. If break above will be successfull next resistances are on levels 186.00, 187.50. Move higher than 187.50 may be difficult and there is little chance that this will happen soon.
If currently resistance will be too strong then price will rebound. Then next supports are at levels: 183.90, 182.70, 181.90, 180.50.
Wider view, time-frame W1
GBPJPY is moving in an upward trend since 2012. Price is above the 4-year trend line (red on the chart) as well as above the accelerated trend line (blue on the chart). Therefore, a continuation of current uptrend than its change to downward one is more likely.
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