GBP/JPY is moving sideways in the short-term range defined by the hourly support at 183.54 and the hourly resistance at 185.03. The direction of the breakout is likely to signal the next shortterm trend. Another support stands at 181.54, whereas a key resistance can be found at 187.80.

In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. A strong support area is given by the 200-day moving average (around 177.50) and 175.51 (03/02/2015 low). A strong resistances stands at 190.00 (psychological threshold).

Daily Technical Report