FX.co ★ Technical analysis and trading recommendations on GBP/JPY for February 10, 2015

The 50.0 fib level acts as strong resistance. The pair was twice rejected from the fib level. At yesterday's session, the cross managed to close above 100Dsma. In the previous week, we recommended buying at 177.70 with the targets at 178.20 and 179.40. The cross made a high at 181.79 and managed to close above 20Wsma. After the weekend, concerns in Greece have been developed, which made the yen stronger. As of now, the cross is unable to breach the previous week's high at 181.79. The strong momentum will emerge above 181.80 and bulls can challenge 182.50 and 184.00 in the near term. Whenever the pair touched the 50Wsma, it bounced from there and made a new high. The weekly resistance exists at 181.80 and 182.45 and support exists at 178.50 and 177.60. In case if the prices close above 182.45, the short-term trend turns to positive. The intraweek favors buying on dips with sl 179.00. We can expect intraday strong momentum above 181.00.