FX.co ★ Daily analysis of GBP/JPY for January 29, 2016

Overview

The H4 chart demonstrates that a rebound from 163.96 extends higher today and the price has breached 38.2% retracement of 188.79 to 163.96 at 173.44. The rebound is stronger than expected and there is no sign of topping yet. A further rise could be seen to 55-day EMA (now at 176.45). On the downside, breaches below the minor support at 168.55 will turn the bias back to the low of 163.96.

Daily Pivots: (S1) 169.12; (P) 170.13; (R1) 171.60