The GBP/JPY is testing a critical resistance area between 189.20 to 190.00. For as long as this area holds as resistance, the path of least resistance remains to the downside.
Should the selling resume from here, we could see the Guppy trade down to test the key support range between 185.00 to 186.00 again.
However, if the GBP/JPY breaks decisively above the 189.20 to 190.00 range, then that could potentially pave the way for a short-squeeze rally towards the next major resistance in the 193.00 to 194.20 range, where we also have the 200 day MA converging.
By Fawad Razaqzada, market analyst with FOREX.com
Should the selling resume from here, we could see the Guppy trade down to test the key support range between 185.00 to 186.00 again.
However, if the GBP/JPY breaks decisively above the 189.20 to 190.00 range, then that could potentially pave the way for a short-squeeze rally towards the next major resistance in the 193.00 to 194.20 range, where we also have the 200 day MA converging.
By Fawad Razaqzada, market analyst with FOREX.com
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