GBPJPY
The pair continued with it's second rejection from the 185.80/185.60 DP but bounced up again from the 184.60/184.75 DP. With the lack of major news and with the US market closed for the holiday the pair didn't move much and only traded between the two DPs throughout the day. Currently, the market didn't react that much from the mixed news from Japan, negative Household Spending y/y and positive Tokyo Core CPI y/y . We'll see how the market will react later once the London Market opens and also after the news release on the British Pound. Currently, an area we'd observe best is the area around the 185.10/185.30 range since most of the trades happened around this area and seems the area has been an area of contention between the bulls and bears for the day
Current Areas To Consider (Decision Points [DP]):
187.30/187.40
186.60/186.80
186.20/186.30
185.60/185.80
185.10/185.30
184.60/184.75
184.10/184.30
183.50/183.70
For Bulls :
A decisive break of both DPs 185.10/185.30 and 185.80/185.60 would give us a much more decisive signal that the bulls have come again to take over and we'd look for further entries. For smaller targets if the DP 185.10/185.30 is broken one could initially target the DP 185.80/185.60 (also our daily R1 ).
For Bears :
Another rejection from the DPs 185.10/185.30 and 185.80/185.60 we'd look again to target the 184.60/184.75 DP as target. For further downside move the 184.60/184.75 DP needs to be breached first then we'd look at 181.10/184.30 DP and a break of the the 183.50/183.70 DP then we'd tlook further for a much lower target.
Daily Pivot
185.12
Daily Support and Resistance
R1 185.60
R2 186.15
R3 186.63
R4 187.18
S1 184.57
S2 184.09
S3 183.54
S4 183.06
