Technical outlook and chart setups:
The GBP/JPY pair is trading around the mark of 184.56 at the moment looking to resume rally towards at least the 195.00 levels in the coming weeks. As depicted on the daily chart view here, the pair has been carefully following the one-year uptrend/support line and recently bounced around the 180.00 levels, holding the same line. It is therefore recommended to initiate long positions now with risk just below the 183.00 levels. Immediate support is seen at the 183.50 levels, followed by 182.00, 180.00 and lower, while resistance is seen at the 188.00 levels, followed by 195.00 and higher. Bulls are expected to remain in control until prices stay above 180.00 broadly.
Remain long now, stop is below 183.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com