15.10.201509:55 Forex Analysis & Reviews: Daily analysis of GBP/JPY for October 15, 2015

Overview

The H4 chart shows that price actions from 180.36 are viewed as a consolidation pattern. A break of 180.36 will extend a fall from 195.86 towards our targets to test the key support level of 174.86. In case of another rise, strong resistance should be seen around 188.28 to end the consolidation. The pair was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious as strong resistance at 199.80/200.00 ix expected to bring reversal finally.

Daily Pivots: (S1) 182.70; (P) 183.51; (R1) 184.71;