GBPJPY remains weak and vulnerable to the downside. It weakened on Tuesday and followed through lower during Wednesday trading session. This is supported by a negative candle print on Friday.
A decisive break and hold above here will open the door for additional gains towards the 174.50 level where a break will aim at the 175.00 level. Its weekly RSI is bullish and pointing higher supporting this view.
On the downside, support comes in at the 173.00 level where a break will aim at the 172.53 level followed by the 171.82 level. Further down, support lies at the 171.00 and then the 170.15 level. A break will aim at the 169.49 level. All in all, the cross remains biased to the upside.
Guest post by FX Tech Strategy
