Two weeks ago in analysis of GBPJPY I pointed a level that was important for the bulls, writing: “resistance that will stop further rise in the price level is 186.80” and “break above of consolidation can bring the price to 195.00”. The chart show that the level of 186.80 has been slightly exceeded and bulls tried for last 3 days to broke above this resistance. Finally the breakout was a fake one and there was a quick return to September lows. Falls were stopped at 180.90 and today there has been a upward rebound. Bulls will now challenge resistances at 182.60, 184.50, 186.80-187.30, 188.30, 189.40.
Wider view, interval D1
The condition of bulls looks a little worse on a daily interval because it’s the fourth time when bears tested uptrend line. Although there has been a rebound, but upward movement quickly ended. If support around 180.40 will be broken, the target of falls will be at the level 175.40.
