Daily Technical Strategist On GBPJPY

GBPJPY: Vulnerable, Targets Further Downside

GBPJPY – With GBPJPY reversing its intra day gains to close lower on Monday, further downside is likely. On the upside, resistance resides at 175.50 level where a break will set the stage for a run at the 176.00 level where a break will aim at the 176.50 level. Its daily RSI is bullish and pointing higher. On the downside, support comes in at the 173.50 level followed by the 172.50 level where a break will aim at the 172.00 level followed by the 171.50 level. Further down, support lies at the 171.00 and then the 170.15 level. A break will aim at the 169.49 level. All in all, the cross remains biased to the upside.