FX.co ★ Daily analysis of GBP/JPY for February 08, 2016

Overview

According to the shown H4 chart, GBP/JPY edged higher to 175.01 last week, but reversed later. A corrective rise from 163.96 should have been completed. The break of 168.55 minor support will confirm this case, in which GBP/JPY should target a test at the low of 163.96 first. Overall, price actions from 163.96 are viewed as a correction and a larger fall from 195.86 is expected to resume later.

Daily Pivots: (S1) 168.72; (P) 169.63; (R1) 170.28