GBP/JPY Analysis

[LucaMarco]

GBP/JPY has gone sideways recently but continues to hold under a significant converged hurdle at the mid-October high of 183.75 and the upper edge of the Ichimoku cloud on the daily chart. As highlighted in the previous update, the recent correction lower since August is a sign of consolidation within the broader uptrend and not necessarily a sign of reversal. The cross has major support at the July low of 176.25, which could limit extended weakness.