Above is GBP/JPY daily chart. My last post was on 13 January (yellow circle). The pair continued to drop until 204.59 (B) and bounced to 38.2% Fibonacci level of 230.32 (A) to 204.59 (B). The pair is consolidate at the moment as shown in the chart, forming a higher low. I expect a move to its resistance for next week which is the trendline or the previous high at 112.09-213.97 area. If it breaks, the pair might continue to 50% Fibonacci level and 61.8% after that. I will update the analysis in 2 weeks. Happy trading all.
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