Weekly Technical Outlook: GBP/JPY ;Market Forecasts for November 23rd – November 27th

• Resistance level   188.869
• Pivot Level  187.566
• Support Level  185.651, 184.837, and 183.941

Technical Analysis

Intraday bias in GBP/JPY remains bearish with 188.869 resistances remaining intact. A deeper decline is expected for the pair as long as resistances holds the area in place with price action staying below resistances. So far at this point, such a decline is viewed as a correction. Thus, we’d expect resistance to hold the area and the pair remains bearish with break of 187.566 indicating near term bearish reversal to take place.  Outlook on the other hand,  to continue the downside bias with price action signaling two bar bearish movement rejection resistance area and closing below the trend line. There is clear indication of trend reversal shifting the momentum.

Current development suggest that the medium term downside are expected for a further low. Focus shall be at 185.651 and a break here should make lower lows with 184.837 and later to 183.941 levels. However, a break of resistance level at 188.869 will dampen our bearish view on the pair and look for an upward bias.

Outlook remains bearish for the week.

Economic

• Inflation Report Hearings for the British
• Autumn Forecast Statement, Financial Stability Report, Gross Domestic Index
• Leading Economic Index for the Yen
• Coincident Index, National Consumer Price Index, Unemployment Rate
• Jobs/Application Ratio, Overall House Hold Spending, Foreign Bond

Area of Interest

• Strong resistance at 188.869 area and rejection on the trend line.
• Bearish two bar reversal with movement strongly holding the resistance area.
• Price action closed below resistance level and rejection on trend line indicating shift in momentum.
• At Flip Area on Daily time frame supporting levels.

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