GBPJPY – is it a good time for a rebound?

GBPJPY falls second month in a row without any bigger correction. Firstly, supply broke below support at 175.50 and then 168.00. It took place without any attempt of a rebound. Today demand reactin occurred in area 163.00 – 163.70 and it was at the time when macroeconomic data were published. Data were better than forecast (UK unemployment falls to decade low).

As you can see at weekly chart it is likely that trend reversal is in progress. However 2 months without correction should cause at least a shallow rebound. Nearest resistances: 168.00, 175.50, 189.00. Nearest support: 163.00 -163,70 area.

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