Even with a dovish news on the pair (same expected votes and decision not to increase rate), the pound took a nose dive against the yen but bounced up again from it (DP 183.50/183.70 area was tested but bounced back up again). For the past 3 days (after the drop from last Tuesday, December 8, 2015), we've seen the pair dipping down to try to test the 183.50/183.70 DP and then bounced up again up and testing the 184.60/184.75 DP. So far the pair has been consolidating in that area, and in the Asian session right now it seems to want to try to test the 184.60/184.75 DP again.
With the pair consolidating within the two DP range, we'd better take precaution on trading it. Buy or Sell from the bounces, and watch out for possible breakouts.
For Bulls:
For further uptrend the pair needs to break the 185.10/185.30 area and stay give a stronger trend signal that the bulls are now in control.
For Bears:
A decisive break of the 183.50/183.70 DP would indicate that the pair would go down some more and target the next DP (182.40/182.60)
184.70
184.40
Historical DP
185.40/185.60
185.10/185.30
184.60/184.75
184.10/184.30
183.50/183.70
182.40/182.60
Daily Pivot
184.18
Resistance and Support
R1 185.01
R2 185.79
R3 186.62
R4 187.40
S1 183.40
S2 182.57
S3 181.79
S4 180.96
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