GBP/JPY carves a series of lower highs and lows after failing to test the December high (198.96), and a close below the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) region may push GBP/JPY back towards the June low (192.73).
Failure to defend the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone may lead to a test of the May low (190.33), but the recent selloff in GBP/JPY may turn out to be temporary should it snap the bearish price series carried over from last week.
A breach above the December high (198.96) may lead to a test of the November high (199.56), with the next area of interest coming in around the October high (199.81).
--- Written by David Song, Senior Strategist at FOREX.com
Failure to defend the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone may lead to a test of the May low (190.33), but the recent selloff in GBP/JPY may turn out to be temporary should it snap the bearish price series carried over from last week.
A breach above the December high (198.96) may lead to a test of the November high (199.56), with the next area of interest coming in around the October high (199.81).
--- Written by David Song, Senior Strategist at FOREX.com
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