GBPJPY Chart Technical Outlook BOJ takes the cross lower, 176.42 the next stop
I have a negative bias on sterling (GBP) and a bullish bias on the Japanese yen (JPY). This has resulted in a bearish outlook for the cross.
Yesterday’s selling pressure resulted in GBP/JPY trading to the lowest level in nine days. We have witnessed a correction to the upside. Resistance is located at 181.22 and 182.02.
The next projected support barrier is located at 176.42. This is the completion of the AB leg in a large Bat formation.