GBP/JPY Weekly Outlook

GBP/JPY continued to trade sideway below 183.79 resistance last week a and outlook is unchanged. Further rally will remain mildly in favor as long as 181.00 support holds. Above 183.79 will resume the rise from 178.02 to retest 186.75 high. However, break of 181.00 will turn bias back to the downside for 178.02 instead.

In the bigger picture, fall from 186.75 is seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.

In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 176.29 support holds, to retest 195.86 (2015 high).

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