GBP/JPY Looks To Build Up On Corrective Recovery
With the GBP/JPY cross following through higher on the back of its Thursday long-tailed rejection candle formation, further bullish price build up is envisaged. This leaves risk of more recovery towards the 184.09 where a break will open the door for strength towards the 185.00 level. A violation will aim at the 186.00 level with a break below here target the 187.00 level followed by the 188.00 level. Its daily RSI is bullish and pointing higher suggesting further strength.
Conversely, support is seen at the 183.00 level followed by the 182.00 level. A cut through will set the stage for a move further higher towards the 181.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 179.00 level. All in all, the cross’s bias remains to the upside on correction nearer term
GBP/JPY Daily Chart