The GBPJPY reversed strongly from the 168.00 resistance area, with the price now having broken the support-turned-resistance level of 166.60.
In addition, the price has closed below the 61.80% Fibonacci retracement level from the longer term.
Further downside could be expected with the next key support level at 165.40. However, the 166.00 round number level could provide brief support for the downward move.
This move to the downside is likely to be driven by both the weakness in the GBPUSD and potentially from further downside on the USDJPY.
In addition, the price has closed below the 61.80% Fibonacci retracement level from the longer term.
Further downside could be expected with the next key support level at 165.40. However, the 166.00 round number level could provide brief support for the downward move.
This move to the downside is likely to be driven by both the weakness in the GBPUSD and potentially from further downside on the USDJPY.
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