GBPJPY: Sets Up To Weaken Further On Price Failure

GBPJPY: With the cross closing lower on price failure on Wednesday, we envisage further move lower in the days ahead. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Its daily RSI is turning lower supporting this view. Conversely, resistance is seen at the 186.00 level followed by the 187.00 level. A cut through will set the stage for a move further higher towards the 188.00 level where a break will aim at the 189.00 level. A cut through here will aim at the 189.50 level. All in all, the cross remains biased to the side having lost upside momentum.