Price came to strong resistance area.

gbpjpy-4h

There are WR2 and MM3 resistances, there is psychological number 185.00, there is role reversal and there is also Fibonacci level of 61.8% retrace of latest down move which last 3 weeks.

Looking weekly chart, there was double top, which could be first sign of a trend change, but then we did not get a lower low.

 

gbpjpy-w

So now there is still possibility that up trend on weekly chart will resume. On the other side, there is so much resistance above, that it is also very much possible that price will turn back south again from here.

There is no major UK or Japan news on Monday.

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