Forecasts amd predictions for GBP/JPY currency pair
As anticipated, we had a bearish day. The price tried to head towards the resistance for another attempt but reversed before it reached the top. Fell back to day’s low to settle.
We anticipate another attempt today or even tomorrow if we don’t see a break today. It can end up looking like a consolidation near the top.
So hoping for a break out, but prepared for a drop which might be more likely.
Based on price action, on daily, price is trying to break 186.283. Not a complete breakout yet. Last Friday when market closed at this level that was its second failed attempt to break this level in 2 weeks. It might prove to be a strong resistance level. Last time price reached this level was in November 2015.
On 4 hour chart it just peaking its head out but can very well be a false break.
Looking at RSI on 4 hour chart, it is showing a bearish divergence as the RSi reached just above 70 mark.Coupling with the fact that price is trying to break a tough rsistance area, have to keep a slightly bearish outlook for the day.
