FX.co ★ Daily analysis of GBP/JPY for August 14, 2015

Overview

According to the attached chart, GBP/JPY recovered ahead of the 190.99 support and intraday bias is turned neutral at first. A further rise cannot be ruled out. But at this point, we are holding on to the view that consolidation pattern from 195.86 is not completed yet. Thus, we'd expect strong resistance from 195.86 to limit upside and bring a reversal. Meanwhile, a break of 190.99 will start the third leg of the consolidation and will target the 184.95 support.

Daily Pivots: (S1) 192.91; (P) 193.67; (R1) 195.05